return file for business loss

Originally posted by : U S Sharma
	except salary u are free to adjust such loss with any income. balance loss may be carried forward for next year ( max upto 8 years)

 Hey,

Thanks for reply. But as per my understanding we can carryforward the speculation losses and not the bussiness income.

Please clarify my understanding if its correct.

exect opposite, 

speculations are not subject to carry forward or adjustment, while business loss is to be adjusted from any income, except salary and capital gain. 

F&O is now catagorized as business activity.

as u told you are "professional" so your income is also a business nature, provided there is no employee/ employer relation.

Originally posted by : U S Sharma
	exect opposite,  speculations are not subject to carry forward or adjustment, while business loss is to be adjusted from any income, except salary and capital gain.    F&O is now catagorized as business activity.   as u told you are "professional" so your income is also a business nature, provided there is no employee/ employer relation.

Thanks for ur inputs...can u share website/link having detailed rules on business / speculation loss

www.incometaxindia.gov.in

Originally posted by : U S Sharma
	www.incometaxindia.gov.in

Thanks for reply...can u please help me with which ITR form I should return file for..salaried person + speculation / business loss.I dont have any other shource of income other than salary

Originally posted by : kunal mistry
	Originally posted by : U S Sharma www.incometaxindia.gov.in Thanks for reply...can u please help me with which ITR form I should return file for..salaried person + speculation / business loss.I dont have any other shource of income other than salary

one side u claim speculation business loss and other side u r saying that you have no other income apart from salary......

ITR 4 is sufficient for your case for carry forward of your speculative business loss

in case its STCL then ITR 2

Originally posted by : U S Sharma
	Originally posted by : kunal mistry Originally posted by : U S Sharma www.incometaxindia.gov.in Thanks for reply...can u please help me with which ITR form I should return file for..salaried person + speculation / business loss.I dont have any other shource of income other than salary one side u claim speculation business loss and other side u r saying that you have no other income apart from salary......   ITR 4 is sufficient for your case for carry forward of your speculative business loss in case its STCL then ITR 2

can u explain me what is STCL?

I had mentioned that I dont have othert source of income than salary, because many do have other business income. What I mean is that apart from salary, I do only trading.

Also as per your comments eralier, I cannot adjust my business loss against salary income I would have tom take forward the business loss as well as speculation loss.

Please tell me if I am incorrect

to carry forward the speculation loss its "speculation BUSINESS" otherwise it can not be carried forward.

STCL= Short Term Capital Loss

Originally posted by : U S Sharma
	to carry forward the speculation loss its "speculation BUSINESS" otherwise it can not be carried forward. STCL= Short Term Capital Loss

Hi ,

Is intraday trading part of Speculation business?

What should be done for STCL? as this cannot be carried forward how would this loss be adjusted?

would it be adjusted against salary income?

Again comming to my 1st question, for me is it mandatory to keep P&L books ? is audit needed for speculation income / loss?