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of <h1>Speculation business losses offset only against similar profits; carry forward allowed for four years. Timely filing crucial.</h1> Losses from a speculation business can be set off only against profits from another speculation business in the same assessment year (AY) and carried forward for up to four subsequent AYs. Speculative transactions, as defined, involve contracts settled without actual delivery. Filing returns on time is essential for carrying forward losses, which cannot be done for illegal speculation activities. Losses from derivative trading are non-speculative if conducted through recognized exchanges. Companies engaged in share trading are deemed to be in speculation business unless they primarily operate in banking, loans, or share trading. Exceptions include hedging contracts and derivative trading.
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