Are You Covered Under Tax Audit

natjay

Well-Known Member
Can anyone confirm the following?

The F&O contract note has a lot of entries like brokerage, clearing charges, stamp duty, SEBI fee, STT, service tax and exchange transaction charges.

Can I claim ALL of these as business expenses in my tax return or only brokerage & clearing charges?
 
SALARY INCOME-2.92 lacs
80C deduction -92000/-
Home loan interset 1.09 lac
FNO Loss 1.19 lac
Others Income 1.25 lac
Total Incone=2.92-.92-1.09-1.19+1.25 lac=.97 lac

Do I Need Audit ??
You can not adjust salary income with FnO loss and
Similarly 80C deductions etc are irrelevant for calculating TO for audit or adjustment.

BTW, what is your TO (its important to know)

Now
What are these other income
Plz provide breakup
As many of the other incomes may be adjusted with FnO loss.
 

vivektrader

In persuit of financial independence.
You can not adjust salary income with FnO loss and
Similarly 80C deductions etc are irrelevant for calculating TO for audit or adjustment.

BTW, what is your TO (its important to know)

Now
What are these other income
Plz provide breakup
As many of the other incomes may be adjusted with FnO loss.
But, can FnO loss be adjusted against professional income (not fixed salary)?

Vivek
 

Similar threads

Broker Special Offers

Zerodha – Open Paperless Account

Open online account with Zerodha. Free delivery trading and Max Rs 20 for Intraday, F&O, Currency and Commodity Trading. Intraday High leverage with MIS, CO and BO.

Name:Phone:
Email:City:
State:
Are you a day trader?