query in respect of Derivative Tansaction P&L .
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2010
Dear members,
I have a query in respect of Derivative Tansaction P&L .
Suppose Mr X has two sources of income for the A.Y. 2010-2011 (ITR 4 applicable, assessee comes under books are not maintained)
a) Income from Restaurant Business RS 126000 - It comes under Profilt and Gain Head.
b) Income from Derivative Transation P&L Rs.-76000(loss) - where such loss being shown ? whether it is speculaive or not ?
& also if we shown such Derivative transaction under Profilt and Gain Head than it automatically setoff Restaurant income in our ITR 4.
So, plz suggest me a proper guidance for correct treatment of such case in ITR 4
I have a query in respect of Derivative Tansaction P&L .
Suppose Mr X has two sources of income for the A.Y. 2010-2011 (ITR 4 applicable, assessee comes under books are not maintained)
a) Income from Restaurant Business RS 126000 - It comes under Profilt and Gain Head.
b) Income from Derivative Transation P&L Rs.-76000(loss) - where such loss being shown ? whether it is speculaive or not ?
& also if we shown such Derivative transaction under Profilt and Gain Head than it automatically setoff Restaurant income in our ITR 4.
So, plz suggest me a proper guidance for correct treatment of such case in ITR 4
12 July 2010
Income from derivative transactions is non-speculative profit with effect from 01/04/2006 as per proviso (d) of section 43(5) of the Income tax Act,1961.
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
- Post Office RD Interest
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Eway bill for machinery reparing
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
