F&O in ITR 3

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This discussion addresses an issue with filing F&O losses in ITR 3, specifically when the 'No Account Cases' section doesn't accept negative figures. While the assessee isn't liable to maintain books of accounts due to low turnover and profit, declaring F&O losses requires specific handling. The solution involves entering F&O transaction details in Schedule PL, Part A of the P&L Account, even if book maintenance isn't otherwise mandatory.

ghosh

ghosh (Querist)
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10 August 2023 ITR 3 is not taking negative figures i.e loss from F&O share in No Account Cases section of ITR. Also assessee is not liable to maintain book of a/c under 44aa as turnover and profit is less than prescribed limit. what is solution?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 August 2023 You cannot book loss under 'No account case.' If you want to declare loss from F&O, file it with accounts details.
Moreover, now you cannot carry forward losses, under belated return.

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