@Quicko Can fno losses be set off with bank FD interest while ITR filing? IT rule says fno being business income can be only set off with income other than salary. Which category FD interest income falls under ?
Will let @Quicko team confirm this. But from the little I know, FD income cannot be offset by FNO losses.
Losses from a Speculative business can only be set off against the profit of the speculative business. One cannot adjust the losses of speculative business with the income from any other business or profession.
F&O losses are treated as non-speculative business losses.
Non- speculative business losses can be set-off against all incomes except income from salary in the same year. This includes interest from FD as well which is treated as "Income from other source’. However, once the losses are carried forward, they can only be set off against business losses.
Here’s a detailed read on Set Off and Carry Forward of Losses under Income Tax Act that might help!
2 Likes