BUSINESS INCOME WITH FUTURE & OPTION LOSS
This query is : Resolved
04 August 2022
HELLO TEAM,
I WANT TO FILE ITR3 FOR INDIVIDUAL. HE HAS PROFESSIONAL INCOME, HOUSE PROPERTY INCOME, LONG TERM CAPITAL GAIN, SHORT TERM CAPITAL, AND FUTURE, OPTION , INTRADAY LOSS.
I HAVE QUERY REGARDING PROFIT & LOSS ACCOUNT AND BALANCE SHEET . DO WE NEED TO CREATE SEPARATE P/L & BS FOR BUSINESS INCOME AND FUTURE, OPTION , INTRADAY LOSS/ INCOME ?
WHERE TO SHOW BUSINESS INCOME AND FUTURE & OPTION LOSS IN ITR3.
AS HE HAS MAINTAINED HIS BOOKS OF ACCOUNTS ?
THANKS
I WANT TO FILE ITR3 FOR INDIVIDUAL. HE HAS PROFESSIONAL INCOME, HOUSE PROPERTY INCOME, LONG TERM CAPITAL GAIN, SHORT TERM CAPITAL, AND FUTURE, OPTION , INTRADAY LOSS.
I HAVE QUERY REGARDING PROFIT & LOSS ACCOUNT AND BALANCE SHEET . DO WE NEED TO CREATE SEPARATE P/L & BS FOR BUSINESS INCOME AND FUTURE, OPTION , INTRADAY LOSS/ INCOME ?
WHERE TO SHOW BUSINESS INCOME AND FUTURE & OPTION LOSS IN ITR3.
AS HE HAS MAINTAINED HIS BOOKS OF ACCOUNTS ?
THANKS
04 August 2022
1. Yes, different for professional income, speculative business intraday & non-speculative business F&O.
2. For declaration of business income combined figures are filled in schedule BS & P&L, with an option to segregate them in Schedule BP.
3. Sec. 44ADA can be opted for professional income, while sec. 44AD can be opted for both the business income, if loss is not substantial.
2. For declaration of business income combined figures are filled in schedule BS & P&L, with an option to segregate them in Schedule BP.
3. Sec. 44ADA can be opted for professional income, while sec. 44AD can be opted for both the business income, if loss is not substantial.
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