futures n options

Aggregate income below exemption limit....... No tax liability....

but in previous reply you said loss is adjusted other than salary

Thanks for the rectification. By oversight (March Ending!!) I had taken both as business income,,,,,,,

Yes, I ratify earlier reply as follows:

The tax liability will arise over salary income..... while F&O loss would be carried forward.....

thanks

Most Welcome...

As per the clarification by ICAI any income /loss from Further and option(f & o ) will be treated as business Income and chargeable to tax under the head Business or professional u/s 28 of the IT act 1961
so any loss from Business or professional can not be set off against salary income, as in your case.

U can Carry forward u r loss to next 8 Assessment year provided u filed u r IT Return on or before the the limit limit prescribed by act and can set off against any income of section 28 during such 8 A.Y. years.

so the conclusion is u have to pay tax on your salary income of rs 450000.

thanks sir

is any answer there

sir one more question is donation made in Gaushala is 💯 percent tax free or 50 % under section 80G