treatment of speculative loss

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 sumanth kumar asked over 3 years ago

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

    2       0 Answer Now Comment Report
3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Chirag answered almost 3 years ago

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.

    0       0 Comment Report
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered almost 3 years ago

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

    0       0 Comment Report
 20180702 145746 Vaibhav answered over 3 years ago

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.

    1       0 Comment Report
Get Notifications
Videos
Books
Notes
Loading
SIGN UP
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.