Loss from F&O Trading of a salaried person

This query is : Resolved

manjunatha (Querist)
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28 July 2022 X is a SALARIED PERSON. He does F&O Trading whose T.O. is around Rs. 10 lakh only during his free time.

For FY 2021-22 he got loss of around Rs 1 lakh due to F&O Trading.

He has 2 options, to the best of my knowledge -
Option 1 : Disclose his F&O Trading result of net loss and get himself tax audited so that he can carry forward it.
Option 2 : Choose presumptive taxation and declare 6% as income.

Is there an Option 3 wherein does not disclose anything about his F&O Trading since it is a loss anyway?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 July 2022 Third option is to declare the F&O trading in ITR 3 along with other income and no tax audit mandatory, provided he had not opted for presumptive assessment u/s. 44AD of the act, in any preceding 5 years.

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