Video Link- Tax on Share Market Income and ITR Forms
• Video
How to Save Tax on Loss in Share Market,
Set Off & Carry Forward of Losses in Share Market,
Share market income,
tax on share market income,
Set off losses,
Carry forward of losses,
Set off and carry forward of looses,
ITR Forms in Share Market,
Section 70,
Section 71,
Losses from Delivery Transactions
The Loss arising out from delivery transactions would be allowed to be set off with ‘CAPITAL GAIN’ head only in the below manner
Long Term Capital Loss - Set off/Adjust against LTCG only
Short Term Capital Loss - Set off/Adjust only against both LTCG & STCG
Carry Forward of Loss - Both STCL (against LTCG & STCG only) & LTCL (against LTCG only) can be C/F & Set off up to next 8 A.Y from the A.Y in which loss was incurred
ITR Filing is must within the original due date
Intraday Transactions
It means Buy and Sell of stock on the same day (Speculative Business)
Intraday Loss - Set off/Adjust against profit/income from any other ‘Speculative Business’ only
Carry Forward of Loss - This loss can be C/F & Set off (against Speculative Business Income only) up to next 4 A.Y from the A.Y in which loss was incurred
ITR Filing is must within the original due date
Future & Option Transactions
F&O transactions are the major type of Derivatives Trading like Trade Equity, Commodity, Currency etc. (Non-Speculative Business or Normal Business)
F&O Loss - Set off/Adjust against all head of incomes except Salary
Carry Forward of Loss - This loss can be C/F & Set off (against all head of incomes except salary) up to next 8 A.Y from the A.Y in which loss was incurred
ITR Filing is must within the original due date
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