sumanth kumar
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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Chirag
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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narahari
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
Vaibhav
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.
