Fire your tax related queries and i would get it solved!!!

[gauravb9]

STT is an expense (amendment made by finance act 2009).

Open position for options is NOT accounted for....

No you can offset or increase your loss also by including these expenses.

I need a clarification regarding the options open positions. Please consider the following scenario -

I sold a NIFTY call on 16th March 2009 and an amount of Rs, 10,000 was credited to my account. On 31st March 2009, this was an open position. Subsequently, I never squared off this position as the option expired worthless. So the complete amount of Rs. 10000 was my profit which was credited in my account in March 2009.

Now, when and where to quote this profit - in the IT return for financial year 09-10 or for financial year 10-11?

Thanks,
Gaurav

 

[gauravb9]

Yes to ques 1.

It is not mandatory to carry forward the loss. It is your choice.

and if book are not mandatory then excel should suffice.

Hi,

Sorry to bug you for the same question again......but just got a confusion

A person from my CA's office told me that the loss in Futures & Options cannot be set off against the income from interest and dividends.

Is it possible for you to tell me the IT section number which allows us to set off the losses in Futures & Options against the income from interest & dividends?

Just have a vague idea......Is it covered under IT Section 43(5)?

Thanks in advance,
Gaurav

 

[hills_5000]

I am a salaried person with no other declarations of income. I have losses in F&O segmant. But the ITR2 does not allow me to carry them forward. I then read on the net that income from salary cannot be used to write off losses in derivatives.

If this be so , what means are then available to write off these losses so that i can offset profits , when made .

 

[rag_bh]

Hi Diosys,

Where should i fill FnO loss in ITR4, I can see following section 51 for No account case
Gross receipts, Gross profit, Expenses under PART PL sheet. Should i fill the loss in Expenses section?

Is it mandatory to fill PART BS section 6 ( NO ACCOUNT CASE) :Amount of total sundry debtors,Amount of total sundry creditors, Amount of total stock-in-trade & Amount of the cash balance?

 

[gauravb9]

I am a salaried person with no other declarations of income. I have losses in F&O segmant. But the ITR2 does not allow me to carry them forward. I then read on the net that income from salary cannot be used to write off losses in derivatives.

If this be so , what means are then available to write off these losses so that i can offset profits , when made .

Income from salary cannot be used to set off losses in derivatives. Use ITR4 to carry forward the losses. They can be carried forward for 4 years.

 

[hills_5000]

Thanks. But does that mean i have to fill up ITR2 and ITR 4 or just the latter ?

Income from salary cannot be used to set off losses in derivatives. Use ITR4 to carry forward the losses. They can be carried forward for 4 years.

 

[manojkch]

Hi Everyone..

I read somewhere in this thread that Tax audit for speculation is total of Profit + Loss figure and if it exceeds Rs.40 Lakh then only tax audit is necessary..

Is it applicable to this year IT return filing? Also can some one quote the respective clause number from IT Rule book / amendments showing the particular provision.

Why I am asking this is because my Tax auditor does not agree to this and he ask me to show the clause if it is so.

Thanks and regards

Manoj

 

[gauravb9]

Thanks. But does that mean i have to fill up ITR2 and ITR 4 or just the latter ?

As per my limited knowledge, only ITR4.

FYI, I am not a tax professional

 

[narendrasr]

Hi Diosys,
I am trying to fill the ITR 4 excel macro file from GOI site and have following queries related to it:

1. Where should i put the losses incurred from F&O transactions (INR -53000) in schedule BP (computation of business income) of ITR form so that it gets reflected in schedule CFL (detail of losses to be carry forwarded to future year).

I have put it in schedule BP (A23), but i don't think thats the right field.

2. Is there any refund available on the amount of STT paid for F&O transactions under US 88e, if yes , where to put that in ITR.

I have put following values in the form:

F&O Loss: -53000 (schedule BP ; A23)
Short Term capital gains: 25000 (sch CG )
short term capital loss (last year): -70000

I am a salaried employee.

 

[manjuraniwal]

Sir can u please guide me on this issue...!
http://www.traderji.com/taxation-matters/43247-guide-tax-liablilities-stock-advisory-services.html