Loss on Commodity Trading through Multiple Commodity Exchange in India
This query is : Resolved
Jacob Abraham
(Querist)
11 July 2024
Can we adjust the loss on commodity trading with the business profit or any other taxable profit in the year of loss?
Can we carry forward such losses after the current year adjustment and set off against future taxable profits
Is there any difference in taxability of the above in the case of Private Limited Company, Partnership Firm or Individual?
Can we carry forward such losses after the current year adjustment and set off against future taxable profits
Is there any difference in taxability of the above in the case of Private Limited Company, Partnership Firm or Individual?
Dhirajlal Rambhia
(Expert)
11 July 2024
Yes, against any other business profit or any other income except salary.
Yes, up tp 8 years to be adjusted against any business profits.
No difference.
Yes, up tp 8 years to be adjusted against any business profits.
No difference.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Nursery business
- Tax on Amount transferred in HUF Account
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Intimation under section 245
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
