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treatment of speculative loss

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

if there is any loss arising from derivates , speculative business and there is no requirement for maintainence of books how to show in filing return

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear, Any loss, computed in respect of a speculation business carried on by the assessee, shall not be set off except against profits and gains of another speculation business. Where for any assessment year any loss computed in respect of a speculation business has not been wholly set off, the whole loss where the assessee had no income from any other speculation business, shall be carried forward to the following assessment year, and— (i) it shall be set off against the profits and gains of any speculation business and (ii) The loss which cannot be wholly so set off shall be carried forward to the following assessment year and so on. No loss shall be carried forward under this section for more than 4 [four] assessment years immediately succeeding the assessment year for which the loss was first computed. 4.Return of Loss should be submitted in Time : A Loss can not be carried forward unless it is determined in pursuance of a Return Filed within the time allowed.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Any loss, computed in respect of a speculation business carried on by the assessee, shall not be set off except against profits and gains of another speculation business. Where for any assessment year any loss computed in respect of a speculation business has not been wholly set off, the whole loss where the assessee had no income from any other speculation business, shall be carried forward to the following assessment year

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 20180702 145746 answered

1. Any loss, computed in respect of a speculation business carried on by the assessee, shall not be set off except against profits and gains of another speculation business. 2. Where for any assessment year any loss computed in respect of a speculation business has not been wholly set off, the whole loss where the assessee had no income from any other speculation business, shall be carried forward to the following assessment year, and— (i) it shall be set off against the profits and gains of any speculation business and (ii) The loss which cannot be wholly so set off shall be carried forward to the following assessment year and so on. 3. No loss shall be carried forward under this section for more than 4 [four] assessment years immediately succeeding the assessment year for which the loss was first computed. 4.Return of Loss should be submitted in Time : A Loss can not be carried forward unless it is determined in pursuance of a Return Filed within the time allowed.

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