i had incurred loss in derivatives trading of rs 2.24 lks, i am havng business income of 15 lks, can i setoff that loss to my business income , what is the correct place is to be shown
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193786 Points)
Replied 21 September 2018
Yes, both income under PGBP in ITR 3
Alok Jain
(12 Points)
Replied 22 September 2018
SIR one is 15 lks income and derivatives is 2.24 loss , can i set off both and arrive to net profit in business p &l, IR IT IS TO BE SHOWN IN DIFFERENT HEADS IN INCOME COMPUTATION STATEMENT, MY AUDITOR IS ADVISING TO DEBIT F&O LOSS DIRECTLY FROM CAPITAL WITH OUT SHOWING ANY EFFECT ON INCOME WILL BE SAFER TO GET NO MORE QUESTIONING FROM DEPARTMENT, PLS GIVE WISER ADVISE , THANK YOU
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193786 Points)
Replied 22 September 2018
Declare both the businesses .......and in case aggregate turnover exceeds 1 cr.......... Go for audit....... that is the safest option.
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