How to Get Started With Your Big Money Loss

When you calculate your Profit and when you receive receipts for the sale of capital assets that are less than the acquisition cost (whether there is an indication or not) and transfer costs - instead of the cash gain you lose money. Although the maximum profits are taxable in terms of the applicable tax rate, based on the type of property and the long-term or short-term. Let's understand how financial losses are managed.

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13min

1. Set off capital losses

Income Tax does not allow for losses below the maximum revenue to be deducted from any income from other heads - this can only be done within the heading ‘Income Profit’. Long-term Money Loss can only be made compared to Long-Term Money Benefits. Short-term Financial Losses are allowed to be implemented on both the Long-Term Benefits and the Short-term Benefits.

Frequently Asked Questions

Q- Compulsory Completion Compensation

To keep track of your losses, the Revenue Department stipulates that annual losses will not be processed unless the refund for that year is lodged before the due date. Even if it is a loss refund, you have no income to show - file your refund before the due date.

 

CEO Krishna Gopal

Krishna Gopal Varshney is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Myitronline.com. Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

Krishna Gopal Varshney
Co-founder & CEO