Speculative business gain or loss

Tax queries 299 views 1 replies
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34 Points Joined August 2011

I am a salaried employee. I have speculative loss through FP&O trading-

 

Need following information-

1. Do i need to get my account audited if i don't want to declare 8% profit?

2. Assuming above question answer is Yes, I want to know whether my share holding would be considred as stock or investment in PART A- BS of ITR 3?

3. Do i need to show my salary account bank balance as bank balance of my business

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On 03 September 2017 at 17:26 Report
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1234 Points Joined August 2017
You have earned loss.... Then Y do u want to opt for tax audit... And it's a speculative business loss you can carry it forward for a period of 4 years and can be set off only against speculative business gain
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On 03 September 2017 at 21:07


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