Hello All,
I need your help in this. I received a notice from Income tax office asking from me clarification regarding the Ingraday transaction done in the commodity market, which was above 10 lacs of value, as I had not filled the return for the A.Y. 2014-15. Now, I have been suggested to file ITR online. I have my own retail store business also, which is actually my main business, while I carried Intraday commodity trading side by side. Let me tell you I do not maintain the books of accounts. I understood all the aspects of filling ITR 4, since the same is applicable for me, but when I tried to show the commodity market loss in the BP sheet under the head " Loss from the speculative business" it is added in the income from my main business and the total taxable Income shows as "Income from trading business + Loss from the speculative business". I am really unable to understand this. Please help me out to get it resolved.
CAclubindia
