Must I pay tax - loss after Mar 2011?
This query is : Open
22 July 2011
This is the situation ...
I earned a profit of 2 lacs in currency futures trading upto march 2011. I made a loss of 2 lacs upto June 2011.
My tax liability is 60k if I show profit till march. But eventually my profit was NIL.
Please advise how I can avoid paying the tax, since NET I am in loss OR NIL.
Thanks.
I earned a profit of 2 lacs in currency futures trading upto march 2011. I made a loss of 2 lacs upto June 2011.
My tax liability is 60k if I show profit till march. But eventually my profit was NIL.
Please advise how I can avoid paying the tax, since NET I am in loss OR NIL.
Thanks.
22 July 2011
You have to pay tax for the FY 2010-2011 and the result of FY 2011-2012 shall be decided later and the tax treatment to be decided accordingly. If you have loss in entire FY 2011-2012, then you need to carry forward the loss.
22 July 2011
Yes I thought so.
Just hoping there would be some smart way out of paying the tax.
Any ideas?
Just hoping there would be some smart way out of paying the tax.
Any ideas?
22 July 2011
No. There cant be any in your case. By the way do you have profit other than the one mentioned as earned from currency futures?
22 July 2011
Salary income.
Dividend reinvest - Income from short term debt mutual funds.
Rental income from property.
Dividend reinvest - Income from short term debt mutual funds.
Rental income from property.
25 July 2011
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