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futures n options

30 March 2018

I want to know if my salary is 4.5 lacs per annum and my loss in fnO is 2.5 lacs on what amount I have to pay tax if I doesn't have any other investments

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9 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160663 Points)
Replied 31 March 2018

Aggregate income below exemption limit....... No tax liability....

Abhinav Jain (141 Points)
Replied 31 March 2018

but in previous reply you said loss is adjusted other than salary

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160663 Points)
Replied 31 March 2018

Thanks for the rectification. By oversight (March Ending!!) I had taken both as business income,,,,,,,

Yes, I ratify earlier reply as follows:

The tax liability will arise over salary income..... while F&O loss would be carried forward.....

Abhinav Jain (141 Points)
Replied 31 March 2018

thanks

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160663 Points)
Replied 31 March 2018

Most Welcome...

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Dhruv Pancholi (Ca) (137 Points)
Replied 01 April 2018

As per the clarification by ICAI any income /loss from Further and option(f & o ) will be treated as business Income and chargeable to tax under the head Business or professional u/s 28 of the IT act 1961
so any loss from Business or professional can not be set off against salary income, as in your case.

U can Carry forward u r loss to next 8 Assessment year provided u filed u r IT Return on or before the the limit limit prescribed by act and can set off against any income of section 28 during such 8 A.Y. years.

so the conclusion is u have to pay tax on your salary income of rs 450000.

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