How to reflect f & o business income and loss in itr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2016 Hi
I have a query. Assuming that i have a net loss of -100000 in F &O Trading ( Gain 500000, Loss 600000). I would like to know how to reflect the same in the income tax return. I understand audit needs to be done for the losses, but i was not sure where to reflect the same in the P&L

Amol S Joglekar

Amol S Joglekar (Expert)
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09 September 2016 you can show it under business income...(Specualative or non speculative as the case may be...)

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2016 Thank you. for the reply, I needed little more detail. What amount i should show as receipts and what amount i should show as expenses. As per institute guidance note 500000+600000 =1100000 is to be treated as turnover. But not sure which rows i should reflect the same.

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2016 Since these are traded in Stock exchange, this is a busines income .So in ITR 4 under P&L how do i key in the numbers

Amol S Joglekar

Amol S Joglekar (Expert)
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09 September 2016 this is business income...yes
Turnover in FNO = + ve difference between sale and purchase value of the trades

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