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F&o loss

This query is : Resolved 
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(Querist)
17 June 2019 ONE OF MY CLIENTS EARNING INCOME OF Rs.10 LAC UNDER THE HEAD SALARY. AND ALSO INCURRING LOSS OF Rs.43,000 FROM F&O. HOW TO DISCLOSE THIS LOSS IN IT RETURN. PLEASE GUIDE ME
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 June 2019 Disclose this as business loss and carry forward.
Loss from business and profession cannot be set off against income chargeable to tax under the head “Salaries”.
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PANDIAN BRIGHT

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PANDIAN BRIGHT (Querist)
17 June 2019 THANKS FOR REPLY SIR. IF I DISCLOSE IN BUSINESS LOSS, SHOULD I PREPARE PROFIT & LOSS A/C AND BALANCE SHEET ALSO?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 June 2019 Not required as turnover low file it under no account case.
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PANDIAN BRIGHT

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PANDIAN BRIGHT (Querist)
17 June 2019 CAN I FILE ITR-3 WITHOUT P&L AND BALANCE SHEET?
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