Reporting futures and options (fno) losses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2014
Hello,
This year I have salary income, capital gain through shares and property and also have losses in Futures and Options.
So far I have used ITR2, however don't see any way to enter FNO losses. The loss amount is apprx. 30000.
It seems that I need to report that loss as business loss and have to use ITR4 for the same.
It is ok to skip reporting losses ? Or is it mandatory ? I might end up paying a little higher taxes. But that's fine than showing business and using ITR-4.
This year I have salary income, capital gain through shares and property and also have losses in Futures and Options.
So far I have used ITR2, however don't see any way to enter FNO losses. The loss amount is apprx. 30000.
It seems that I need to report that loss as business loss and have to use ITR4 for the same.
It is ok to skip reporting losses ? Or is it mandatory ? I might end up paying a little higher taxes. But that's fine than showing business and using ITR-4.
Nikhil Kaushik
(Expert)
31 July 2014
1. yes you are required to report these losses are business loss
2. the tax liability is to be seen from the turnover perspective as the only alternative of not reporting losses is to report 8% presumptive profit on the turnover.
3. not reporting the transactions and not getting the accounts audited leaves a window for future tax liability and interest liabilities and penalty liabilities for misrepresentation in the tax return
2. the tax liability is to be seen from the turnover perspective as the only alternative of not reporting losses is to report 8% presumptive profit on the turnover.
3. not reporting the transactions and not getting the accounts audited leaves a window for future tax liability and interest liabilities and penalty liabilities for misrepresentation in the tax return
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