Hi,
I have a query...
Let say some one has a total taxable income of Rs. 2,00,000
So the Income tax for him is: 10% of 50,000 = Rs. 5,000
Lets assume that this amount has already been paid by the company as TDS (tax deduction at source) and the same person is trading in FNO and has current loss of Rs 50,000 (so sad of him .....)
I know that FNO income (profit/loss) is treated as BUSINESS income. So my doubt is: Can this loss of Rs. 50,000 in FNO can be adjusted against the Taxable income there by claiming the money by filing ITR (Income tax return) ?
Thanks in advance....
Regards
Vikram
I have a query...
Let say some one has a total taxable income of Rs. 2,00,000
So the Income tax for him is: 10% of 50,000 = Rs. 5,000
Lets assume that this amount has already been paid by the company as TDS (tax deduction at source) and the same person is trading in FNO and has current loss of Rs 50,000 (so sad of him .....)
I know that FNO income (profit/loss) is treated as BUSINESS income. So my doubt is: Can this loss of Rs. 50,000 in FNO can be adjusted against the Taxable income there by claiming the money by filing ITR (Income tax return) ?
Thanks in advance....
Regards
Vikram