ITR for Futures and option
This query is : Resolved
03 August 2020
I have total taxable income less than 2.5 lac, but in last FY i had 5-6 transactions in share futures and incurred loss of around 4.0 lac rupees. I am not interested to carry forward the loss, Can i use ITR-2 to file return without indicating the loss?
Kindly suggest
Thanks in advance
Kindly suggest
Thanks in advance
03 August 2020
Yes, use ITR-2 to file return without indicating the loss.
04 August 2020
Dear Rakesh ji
1. Check if Turnover (sum of profit /loss in absolute terms)crosses tax audit limit
2. Evaluate tax impact if notional profit offered under 44AD
3. There is nothing wrong in carrying forward a loss. When you will make profits in future from any business, the same will be adjusted again carry forward losses without you having to pay tax
4. Be open to getting a tax audit done.
Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants
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