Comment on Taxation Simplified
commented on
15 Feb 2013, 11:09 AM
Sanjib,
1. As an f&o trader, you have to use ITR-4
2. Depends on interest from what, on Savings bank interest you have a deduction of upto Rs 10k under section 80 TTA, so what this means is that only interest above 10k is taxable from savings bank account. No such deductions for FD
Assuming you have a interest of Rs 5000 and loss of 20,000, you can only offset 5000 of the gain and can carry forward the remaining Rs 15000 of the loss to the next year.
3. In ITR 4 there are specific sheets for current year loss, brought forward loss and losses to be carry forwarded to next year.
4. We send you quarterly statements from Zerodha and there are reports available on the Backoffice available all the time. Will be running a blog on backoffice explaining this soon ..
5. F&O done on an intraday basis is not speculative it is still considered business income..