Comment on Taxation Simplified

Amol commented on 30 Jan 2013, 10:50 AM

I’m a salaried person. As I understand
1. Profits in Derivatives should be added to my salary income and will be taxed according to tax slabs.
2. Losses in Derivatives can NOT be deducted from salary income but offset against any other income in 8 next years.

Is above understanding correct?

Also, which ITR form should I use to file IT return if I have salary as primary income and profit/loss in Derivatives?

I would like to Thank Om Prakash Jain and Zerodha for this blog because I did not find this information on internet while filing last year’s IT return. I even approached a CA and he advised me not to show Derivatives income.
Really great initiative.


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