F & O and Equity 5 Cr Purchase and sale 4.9 C
This query is : Resolved
29 July 2024
Dear Experts
One of my friend is doing F & O and Equity, He did a 5 Cr Purchase and sale 4.9 C in the FY 2023 - 2024. Do we need to maintain Tally? In ITR 3 do We need to provide balance sheet and Profit & Loss .? Or else can we update no accounts option?
Can you please help me
Thank you
Vijith T K
One of my friend is doing F & O and Equity, He did a 5 Cr Purchase and sale 4.9 C in the FY 2023 - 2024. Do we need to maintain Tally? In ITR 3 do We need to provide balance sheet and Profit & Loss .? Or else can we update no accounts option?
Can you please help me
Thank you
Vijith T K
29 July 2024
Check the total turnover of F&O trading::
under F&O trading, the turnover of futures will be the absolute profit, which is the sum of positive and negative differences.
Futures Turnover = Absolute Profit (sum of profit and loss made on various transactions throughout the year)
The turnover of options can be calculated by adding the premium obtained on selling the options to the absolute profit.
Options Turnover = Absolute Profit + Premium obtained on selling the options
If the aggregate turnover is below 3 Crs., you can opt for sec. 44AD IT act.
No books of accounts to be maintained. You can file ITR 4.
under F&O trading, the turnover of futures will be the absolute profit, which is the sum of positive and negative differences.
Futures Turnover = Absolute Profit (sum of profit and loss made on various transactions throughout the year)
The turnover of options can be calculated by adding the premium obtained on selling the options to the absolute profit.
Options Turnover = Absolute Profit + Premium obtained on selling the options
If the aggregate turnover is below 3 Crs., you can opt for sec. 44AD IT act.
No books of accounts to be maintained. You can file ITR 4.
29 July 2024
Sir, But the aggregate turnover is 5Crs in this case do we need to maintain books of accounts and which ITR need to use for the same.
29 July 2024
File ITR 3 with Schedule BS & P&L ....
29 July 2024
Noted sir, Thank you. Can I file myself or else auditor is required? since this is more than 5Crs is tax audit is applicable?
Note: i didn't receive any money to my bank account and also it's loss for me end of the march 13L Rs. Through F & O
Note: i didn't receive any money to my bank account and also it's loss for me end of the march 13L Rs. Through F & O
29 July 2024
You can file it yourself, provided you are familiar with turnover calculations of F&O. Otherwise take help of any professional.
Tax audit is not applicable in your case when Turnover is below 10 Crs.
Tax audit is not applicable in your case when Turnover is below 10 Crs.
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