Comment on Zerodha - your tax aide while you trade
commented on
12 Jul 2016, 08:10 PM
You can’t set off F&O Trading loss against your salary income. F&O is considered a business activity and FO losses can only be set off against business income. You can carry forward this loss to the future years.
Since your total income is greater then the basic exemption limit, audit is required. Yes, you can get away with the audit by paying taxes on 8% profits of turnover.