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
Anything you want to add further?
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
