Itr form

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Ziya Ul Islam Siddiqui (Querist)

10 April 2016 sir , Please tell me to file itr by which form as I am an private company employe and also bear loss in share trading I want to set of losses further.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

10 April 2016 You have to file ITR 4.
You can not set off business loss against Salary Income.
Against any other income, you can set off your loss in shares provided it is not a day trading loss or speculative loss.

Ziya Ul Islam Siddiqui

Ziya Ul Islam Siddiqui (Querist)

10 April 2016 Sir , That was not a intraday loss that loss done in delivery base trading , so it is possible to carry forward for set off in coming years by the income of share trading...? and sir tell me about taxation of intraday or speculative income can above loss can be sett off by this income..

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

11 April 2016 Yes, it can be carried forward upto 8 Assessment Years for sett off against business income. You have to file the ITR on or before the due date. Whether you show it under the head of Capital Gains or under the head of Business Income, can be decided by looking to the facts.

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