Income tax help

Hi Chintan,

I agree with Mr. Jha it is difficult to answer with limited details.

However I will try to answer your query as to set-off by taking assumptions

1. Assuming the loss is short term or long term loss (trading in stock) and commission income exceeds the exemption limit. As per section 74 Short term capital loss can be set off against any other short term or long term capital gain and Long term loss can be set off against only Long term capital gain. Such losses can be carried forward for next 8 Yrs.

2. Assuming losses falls under the speculation business (trading in stocks without taking delivery) than too they cannot be deducted against the commission income, as per section 73 they can be set off against the income from any other speculation business income or if not possible than carry forward for next four years.

I hope that will be of some help to you.

Warm Regards.

Originally posted by : Chintan
	My income is close to income tax limit if i have loss in stock trading then should i deduct the loss from income? and as insurance agent insurance company had deducted tds from commision. I want to claim that tds is it compoulsory to file a return?

appears as you are ins agent, 

commission income is pgbp, and if your loss is from Future and options, then u can set off.

in case of STCG u have otion to carry forward

in case of speculation loss its neither available for set off nor carried forward.

to claim refundof TDS, u have to file ITR