F&O profit in ITR
This query is : Resolved
Quick Summary
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"
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"
15 July 2024
Being your business income, it should be filled under Schedule Trading.
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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
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
15 July 2024
These expenses can be filled in Schedule P&L, wherever applicable. Match the net profit as per the broker's statements.
Message likes :
1 times
25 August 2024
You are welcome.
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