FnO Losses Vs FD Interest Income

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Kalai (Querist)
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16 October 2021 I have few questions with respect to how FnO losses can be reported in income tax returns filling

- I have FnO losses as well as some interest income for this FY. I am a salaried person and as far as I understand, I can't offset FnO losses against salary income. But, is it allowed to offset FnO losses against the FD interest income?

- Since I have FnO losses, I have read in few forums that I have to do some tax audit before filling the return. Is the tax audit mandatory in case of FnO losses before filling returns? I do not have high turnover in FnO and is less than 6Lakhs, whereas my salary income is around 16Lakhs

- And finally, I have never done tax filling for FnO before. So can someone recommend me any DIY articles on this or videos that I can refer on how to file FnO tax returns.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 October 2021 No need for tax audit.
Set off the f and o loss against interest income.

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Kalai

Kalai (Querist)
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16 October 2021 Thank you for your response. Can you recommend me some DIY article on how to file FnO losses? I have seen some articles stating that I have to prepare some balance sheet and profit/loss statement for the same.

I file my returns every year but I have never done FnO filling before.

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