regarding filing of itr

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kumargaurav (Querist)

05 July 2011 hi this is gaurav want to know one thing that actaully i have doubt on sone thing

i have incurred future and option loss during the financial year 2010-2011 and i am salaried employee getting salary and i have also done some jobbing income
actually sir my query is how can i filed the p&l part if i show the income of future and option as a business income and my loss exceedds the limit of mandatary books of account under income tax so sir suggest me how can i shown my f&o loss without any hassale

U S Sharma

U S Sharma (Expert)

06 July 2011 for business return, the assessee has to maintain books of a/cs if his total income is above 1.2 Lacs, however u can make schedules of transactions datewise and keep it in records, that would service the purpose of accounting.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)

06 July 2011 Your loss is of speculative nature and if the turnover has exceeded the tax audit limit then you have to maintain your accounts and also get the same audited.

Only after the same you can upload your return as loss under the head business and there is a column for c/f of losses.

Instead of Salary return you file salary and business return form.

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)

06 July 2011 The assessee has to maintain books of a/cs if his income from business is above 1.2 Lacs or his total sales, turnover, gross receipts from business exceeds 10 lacs.
Otherwise, you need to keep relevant documents to establish profit/gain in the business.

Moreover if gross turnover exceeds 40 lacs/60lacs limit, you need to get your books audited by a CA.

According you should file ITR with salary and business income before due date.

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