I have incurred a loss in Rs 2lakh F&O in AY 2008-09 on NSE. I filled a return to carry forward the loss. In AY 2011-12 I made a profit of Rs 40000 and I adjusted it against the previous loss. During ITR-4 preparation for both these years I took it as speculative Loss and Profit.
But now I understand that it’s a business Loss and can be carried forward for eight years. This year I made a profit of Rs 28000 in F&O. I want to understand How to file my returns this year? Should I show it as adjustment against Business Loss?
22 September 2012
In my opinion , mistake you committed earlier should not be repeated in next years , rectify this mistake from now onwards, if any enquiry comes give explanation at that time.
CAclubindia
