General Trading Chat

[TradeJoker]

very shocking open statement..

trading in FNO treated as business ( no speculation), you MUST file tax return for this...no escape plz...

you will be caught one day or another..

Bro, yeah I agree.. speculation business is more suitable

 

[vikas2131]

You may not be required to file a return but you will have to maintain books of accounts.But file returns even if there is no tax payable.

ST

I understand that to be on the safe side ..u should file but its not compulsory..

 

[Smart_trade]

If one does not make over Rs 2.5 Lakhs how does one survive ? He must be having some other income like salary, rent etc which gets added to the total income.

ST

 

[wisp]

The profit/ loss from derivatives is considered as business income and loss is definitely carried forward for period of 7 years ( not sure if it is 7 or 5 years) .I have carried forward such loss in few accounts in the family in past in their IT returns and adjusted against profits of next year.My CA has no issues in this carry forward.

The above post will show that there are traders who make profits and losses and file their IT returns regularly.

Smart_trade

Does the loss have to be filed every year or can it be claimed later? I do file my return for my income but havent yet included the derivates losses

 

[vikas2131]

If one does not make over Rs 2.5 Lakhs how does one survive ? He must be having some other income like salary, rent etc which gets added to the total income.

ST

I am talking about the beginners traders who lose or dnt make much money but get support from their families...

 

[lemondew]

From next year the turnover above which one should go for audit is 2 crores. Twice of what it is from this year. Many wont qualify for audit now

 

[XRAY27]

Does the loss have to be filed every year or can it be claimed later?

Loss return has to be filed with in the due date (30 th Sep 2016) otherwise loss will not be allowed to carry forward !!! provided you comes under audit otherwise last date is 5th Aug 2016

 

[vikas2131]

Does the loss have to be filed every year or can it be claimed later? I do file my return for my income but havent yet included the derivates losses

Every year and if you did not include ur loss of previous years...those are gone...

 

[wisp]

Loss return has to be filed with in the due date (30 th Sep 2016) otherwise loss will not be allowed to carry forward !!!

okk thanks bro, so can it be filed separately after the tax return has been already filed?

 

[Smart_trade]

Does the loss have to be filed every year or can it be claimed later?

If you don't file IT return in stipulated time, then you cannot carry forward the loss...so for loss carry forward you have to file returns in time every year.

Bhai log ek Rs 500 kharcha karoand study the IT Readyreckoner.

ST