itr 4

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sumit kansal (Querist)

20 July 2010 i have 2 business( non speculative)

tution income 180000

share loss (15000)

my question is how to set of current year loss of other business in ITR -4 , where i will show loss of(15000)?

Aditya Maheshwari

Aditya Maheshwari (Expert)

20 July 2010 show net amount in the profit & loss a/c and in computation of income from business bifurcate the amounts.

sumit kansal

sumit kansal (Querist)

20 July 2010 guru ji i dont know tha specific place in ITR 4 ,computation of income from business bifurcate the amounts, i have ITR -4 in my hand , pls guru ji tell where i fill loss of 15000

Aditya Maheshwari

Aditya Maheshwari (Expert)

20 July 2010 First of all stop calling me guruji

In sheet P & L fill the full amount of business income including loss

In shcedule BP on page 13 i think bifurcate the amount into speculative and not speculative income.

sumit kansal

sumit kansal (Querist)

20 July 2010 but how income tax department will know that i have 15000 rs loss from one business wight is i st off from other business if i fill rs 165000(180000-15000)

Aditya Maheshwari

Aditya Maheshwari (Expert)

20 July 2010 Speculation loss in profit & loss will be set off and not in schedule BP. There show it as gross and do not set off the speculation profit against non speculative.

sumit kansal

sumit kansal (Querist)

20 July 2010 sir my both incomes r non speculative

Aditya Maheshwari

Aditya Maheshwari (Expert)

20 July 2010 Then no need to bifurcate then.

However share intra day trading loss is speculative. Take care of that.

sumit kansal

sumit kansal (Querist)

20 July 2010 sir rs 15000 is from delivery apne hi to bataya tha it is non speculative business income

Aditya Maheshwari

Aditya Maheshwari (Expert)

20 July 2010 Resolved?

Aditya Maheshwari

Aditya Maheshwari (Expert)

20 July 2010 Delivery is non speculative. Then its ok.

sumit kansal

sumit kansal (Querist)

20 July 2010 what is ok sir i wants to know how incometax dept. know that i have 15000 rs loss from one business and same is setoff from other business income of rs 180000 ., if i fill rs 165000(180000-15000) in itr4 part B , TI COMPUTATION O TOTAL INCOME POINT 3 , PGBP

Aditya Maheshwari

Aditya Maheshwari (Expert)

20 July 2010 Show it in purchase & sale full turnover of purchase and sale. Otherwise there is no way to show.

sumit kansal

sumit kansal (Querist)

20 July 2010 WHERE I WILL SHOW FULL PURCHASE AND SALE

Aditya Maheshwari

Aditya Maheshwari (Expert)

20 July 2010 In schedule P & L

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