If I have Intra Day Trading Income of current year and Also Trading loss(Speculative loss) of previous year.
now if I show Intra day trading income under presumptive basis u/s 44AD i.e. 6% of Turnover.
How to claim Speculative loss of previous year against Trading Income shown under presumptive basis..
Menu
Intra Day Trading
Replies (7)
Software or ITR utility itself adjusts the amount when previous year/s losses are entered in relevant schedule.
not happening.. declared Itra day income on presumptive basis u/s 44ad.. but it is not adjusting against Speculative loss of previous year.
Check 'Schedule CLF' of ITR 3.
when I entered in item no. 65 of Schedule PL, it works. but when I show in item no. 61 (presumptive income), it doesn't work. ITR is not treating Presumptive income as a Speculative income.
As a rule it must be allowed. Its software glitch. Report the same to help-desk.
Yes, you are correct.
From this year CPC has removed speculative business from presumptive income declaration.
You need to file it under normal assessment.
Thanks for response... In case of Normal Assessment, Where to show Intra day trading turnover in Schedule PL and what Business code to select.
Recent Topics :
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
- ROC FILINGS FY2025-26
- Mismatch in 26AS
- How Can a Trader Utilise Approximately ₹1.20
- How Can Law Students Present Papers at Conferences
Related Topics :
CAclubindia
