F&O profit in ITR

This query is : Resolved

Priya (Querist)
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15 July 2024 Should I be declaring my personal F&O profit in
Trading Account -> Revenue from Operations -> Sales / Gross receipts of business -> Other operating revenues as "Profit from F&O trading"

Or, should it be in
Profit and Loss -> Other income -> Any other income as "Profit from F&O trading"

Last year, I had loss from F&O and I had put it under
Trading Account -> Direct Expenses -> Other direct expenses as "Loss from F&O trading"

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 July 2024 Being your business income, it should be filled under Schedule Trading.

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Priya

Priya (Querist)
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15 July 2024 Thank you.
Does this mean, any expenses/taxes paid (GST/STT/Stamp Duty/Sebi fees/exchange transaction charges/brokerage) also goes in
Schedule Trading Account -> Duties and taxes, paid or payable, in respect of goods and services purchased

Last year I actually put the charges in:
Profit and Loss -> Rates and taxes, paid or payable to Government or any local body (excluding taxes on income)
and
Profit and Loss -> Other expenses

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 July 2024 These expenses can be filled in Schedule P&L, wherever applicable. Match the net profit as per the broker's statements.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 August 2024 You are welcome.

Priya

Priya (Querist)
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02 September 2024 Thanks for the help.

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