22 July 2011
This is the situation ... I earned a profit of 2 lacs in currency futures trading upto march 2011. I made a loss of 2 lacs upto June 2011. My tax liability is 60k if I show profit till march. But eventually my profit was NIL. Please advise how I can avoid paying the tax, since NET I am in loss OR NIL. Thanks.
22 July 2011
You have to pay tax for the FY 2010-2011 and the result of FY 2011-2012 shall be decided later and the tax treatment to be decided accordingly. If you have loss in entire FY 2011-2012, then you need to carry forward the loss.
CAclubindia
