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F&O

This query is : Resolved 

I have done f&o trading from my grandfathers money and i have no income and have lost 8 lakh in f&o trading my turnover is less than 1 crore so should i require to present my loss as i have no income


No need to present loss.

Thank you but i also want to ask as i have to file return showing f&o transaction or just file a nil return not showing f&o transaction

You have to show f&o transaction.

If i do not show f&o transaction will there be any problem as it becomes difficult and hefty and it contains only loss no profit so why should i report it

Yes, loss income need not be reported.

Thank you sir but which itr i should file as i am under exemption limit of 2.5 lakh and i am not salaried and will i need to get a balance sheet prepared or just file the return without balance sheet as i am not reporting loss.

In such a case no need to file any return. Still you want to file no need of balance sheet.

Thank you sir but i have received a message your pan has been flagged for not filing of itr for the financial year 2018-2019. Tax has been deducted on fd which is matured in 2018-2019. Is it because of tax deduction?
i was having fd of 150000
In bajaj finance on which tax has been deducted.

Yes, it's because of TDS file belated ITR before the end of the month and claim TDS refund.

Thanks for the support sir i will file for tax refund

Welcome....................

I have no income and I am under 2.5 lakh exemption limit but i am having 15 lakh loss in f&o in 2019-2020 also. So should i file itr in 2019-2020 my overall turnover including equity and equity derivatives is 75 lakh.I have used grandfather and my father money in f&o so will this income club.

I have no income and I am under 2.5 lakh exemption limit but i am having 15 lakh loss in f&o in 2019-2020 also. So should i file itr in 2019-2020 my overall turnover including equity and equity derivatives is 75 lakh.I have used grandfather and my father money in f&o so will this income club.
Will i have to show the source of funds and prove that money is of my grandfather and father.please answer the query

No need to file return in such a case. When any query is raised reply to it as source of related to father.

Sir i have 60 lakh derivative turnover and 15 lakh loss can i take presumptive taxation scheme and avoid loss showing in itr by showing 6% profit as all transaction are digital in my trading account.please tell will it be right or will i get notice for this

Yes it will be right and you will not receive any notice.

Thanks you for helping me a lot in itr filling.


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