Derivate losses in ITR4 - where to put these
Balance P/L for ITR4 for salaried w derivative speculative
p (ca) (30 Points)
13 July 2009p (ca) (30 Points)
13 July 2009Derivate losses in ITR4 - where to put these
CA Vinay Saraf
(CA)
(148 Points)
Replied 13 July 2009
LOSS FROM DERIVATIVE WILL BE TREATED AS ORDINARY BUSINESS LOSS & AVAILABLE FOR SET OFF AGAINST SHORT TERM CAPITAL GAIN
CA Shailesh +91 9393926464
(Chartered Accountant)
(2088 Points)
Replied 15 July 2009
It seems u r totally in dliemma regarding the following things:
a) Setoff of derivatives loss against STCG?
Ans: Business loss cannot be set off against STCG on sale of shares
b) Some Particulars of ITR to be filled in
Ans: U may end up in preparing defective return.... U may contact any CA to prepare ur IT Return.. U may also mail me the entire details, ur derivatives loss computation, shares income to my mail ID ca.shaileshk @ gmail.com for the preparation of Return.
Any other assistance, feel free to ask
Hi P,
Derivative income/loss shall be deemed to be business income/loss u/s 43(5). So it should be icluded as business income and you need to prepare the financial statement for this in case 44AA or 44AB is applicable to you.
Yup you can setoff it with STCG u/s 71.
Put it under point 51 "No Account Case".
CA Shailesh +91 9393926464
(Chartered Accountant)
(2088 Points)
Replied 15 July 2009
Oops....
I made a Blunder Mistake..........
Yes. Business Loss can be setoff against STCG on sale of shares.. I take my words back
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 15 July 2009
u can set off rightly said by tinku
p
(ca)
(30 Points)
Replied 15 July 2009
Dear All
I am thankful for such overwhelming response. However, my simple query is as below:
I made losses on speculation(intraday), business(fno) and short term(delivery and BTSTs). I am able to enter speculative (BP B.23-41) and short term losses quite well. Problem is in business losses, i have entered as below.
Profit before tax as per profit and loss account (item 43 or item 51d of Part A-P&L ) | 1 | -136817 | |
Net profit or loss from speculative business included in 1 | 2 | -40023 |
fno loss, 96794, speculative loss 40023.
Now, I need to know, do I have to enter anything other than 'PARTB - TI - TTI', 'BP', 'CG-OS', 'EI',
Nature of Business | Filled | Schedule CFL | Filled | |
Schedule DPM | Empty | Schedule 80 IA | Empty | |
Schedule DOA | Empty | Schedule 80 IB | Empty | |
Schedule ESR | Empty | Schedule 80 IC | Empty | |
Schedule STTC | Empty | |||
Schedule EI | Filled |
I hope I am able to share my problem well.. this I feel is general doubt faces by all ppl like me :(.
kkjain
(Executive)
(32 Points)
Replied 18 July 2011
Did you get a response to your last query? I also have the same questions.
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