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Speculative gain short term loss
Had speculative gain in intraday and loss in short term delivery How to show in itr and what is tax treatment for the same
Replies (10)
Declare speculative gains under PGBP and STCL under CG and carry forward the loss.
sir i failed to file itr so will i be allowed to carryforward loss and
no, as per section 139, to carryforward any loss,,return of income should be filed within due date
No carry forward of losses is allowed if return not filed within the due date.
Is tax audit required for short term capital loss
tax audit is required only if an Assesse has pgbp income
Tax audit is required only if turnover/gross receipts exceeds Rs. 1 Cr/ 50 Lakhs in case of business/profession respectively, if assessee does not opt for presumptive taxation.
If assessee opts for it then the limits for tax audit are 2Cr and 50 Lakhs respectively.
If assessee opts for it then the limits for tax audit are 2Cr and 50 Lakhs respectively.
In case intraday trading had profit of 9% and in short term delivery trade had loss so no tax audit required or even short term buying sell tax audit required
kindly reply
kindly reply
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