F&o loss


(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


CA R SEETHARAMAN (Expert)


Click to Talk 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 ‚ÄúSalaries‚ÄĚ.

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?

CA R SEETHARAMAN (Expert)


Click to Talk 17 June 2019
Not required as turnover low file it under no account case.

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


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