Setoff of Future and Option losses in FY 2018 19 with Interest income from FD

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  • Official comment
    Quicko Support

    Hi Satyawan,

    Yes, you can revise your income tax return with tax audit. The revised due date for the same is November 30, 2020. However, please note that a penalty may be levied under section 271B. The minimum penalty that can be charged is 0.5% of the total sales, turnover, or gross receipts. The maximum penalty applicable is INR 1,50,000. A penalty can be avoided if the taxpayer provides a reasonable cause for not having the accounting records audited.

    Further, yes non-speculative losses can be set off against FD interest income and you can claim a refund of the excess tax paid. Hope this helps :)

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