Loss from F&O for AY 17-18
under which head will be shown?
what will be the
implementation if not shown in return ?
8 Replies
CA Nitin K. Varshney
(FCA DISA CCA Peer Reviewer (ICAI))
(616 Points)
Replied 29 March 2018
it will be treated as business income/loss. u hv to calculate turnover by adding the difference of sales and purchase value. in case of loss, u hv to file TAR or u cn surrender income u/s 44AD.
KAMAL KISHORE AGARWAL
(Proprietor)
(226 Points)
Replied 29 March 2018
not very clear, what implementation
if not fill. if I fill in business loss whole balance sheet has to fill
if not fill. if I fill in business loss whole balance sheet has to fill
CA Nitin K. Varshney
(FCA DISA CCA Peer Reviewer (ICAI))
(616 Points)
Replied 29 March 2018
if u show it as business loss, u hv to file TAR also. or show it as 44AD. further if u dont show it, u ll face assessment proceedings and AO will make addition and penalty of non filing TAR.
CA Nitin K. Varshney
(FCA DISA CCA Peer Reviewer (ICAI))
(616 Points)
Replied 29 March 2018
tax audit report. form 3B
KAMAL KISHORE AGARWAL
(Proprietor)
(226 Points)
Replied 29 March 2018
if I fill 44ad than turnover means profit ?
CA Nitin K. Varshney
(FCA DISA CCA Peer Reviewer (ICAI))
(616 Points)
Replied 31 March 2018
read details of taxabilitu of f & o transactions. turnover means total of loss and profit in aggregate. as i told u in previous reply.
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