I have only losses in stocks - stocks, stock derivatives, currency derivatives, commodity futures.
Do I have to put the details in IT returns?
Because there are lot of transactions and calculating loss is huge task.
(If you have any idea how to calculate fast, please let me know.)
Anyone in bangalore who can help me file returns?
regards,
Can someone please tell me on my query above?
My query is also similar to yours...What if the loss if not reported in ITR.....I have calculated everything, the turnover, profit, loss from Excel, a painstaking process without usage of advanced formulas......Now I understand that I have to maintain balance sheet, profit and loss account and have everything audited through CA to put all this information into ITR....Come on, I have already suffered a huge loss in this damn market and should I spend now on these also........My query is under ITR, FnO loss....Seems even many professionals are hesitating to answer....do not know how to go about......
Hi
U ppl will need to file IT returns in order to carry forward loss & setoff the same with profits in coming years (of course there are certain conditions attached to carryying forward of losses.)
If you have already made P&L and B/S, go on Income tax site and file the return in ITR 4.
Thanks Akshata for the reply.
My question is we have incurred loss....Let the loss be loss...The rule says if the profit/loss is less than 8 percent of turnover, everything needs to be audited with BS and P&L. Having trading in derivatives, the turnover is around 25 lakhs and the loss is Rs 15000.....(it is like nearly 300 trades and 300 contract notes). I do not want to offset this loss for the future profit if any in the coming years.....Please advise what I skip this in ITR4..............I have a short-term equity capital gain of Rs 3200, long term equity capital loss of Rs. 175000....What if I just disclose the profit of Rs 3200 in ITR4, pay the tax for it....Is it like the IT department has all the data with it and does it expect me to file this in ITR.....Even if the DP has already sent out all information to IT dept....how effective is the department's software to analyze all this data.....this is anyway a loss and I am a poor indian paying tax up to the last rupee and paisa...
The reason I told u can setoff is that on profit u pay tax..and if u set off loss against future profits, u dont need to pay tax in future..
And as far i know, there is nothing aboult "loss less than 8%" only if profit is less than 8%, the books need to be audited.
CAclubindia
