Profit / loss from f&o trades

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Piyush (Querist)
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24 May 2019 Hi,

In case of F&O, if there is 15 lakh profit and 20 lakh loss, I understand the total turnover is taken 35 lakhs. This as per my understanding will be considered non speculative business income.

How do I show this in the P&L schedule of ITR 3 while filing the income tax return.

Kindly suggest. Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 May 2019 The determination of turnover as you rightly said, is only for checking the
applicability of 'tax audit'.
Need not fill Part - A Trading account , but to fill Part A - P & L and Schedule BP.

Piyush

Piyush (Querist)
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24 May 2019 Thanks Sir. But what do I fill in revenue and expenses. Does the revenue be sum of all positives and expenses be sum of all negatives. Or do i just fill net loss in expenses.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 May 2019 - 5 lakhs is your revenue from operation to be filled in Part A- P & L clause 14

Piyush

Piyush (Querist)
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24 May 2019 Thanks sir. Clause 14 is other income which has several sub-heads. which sub-head should i put under?

Piyush

Piyush (Querist)
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26 May 2019 Hi sir. Please let me know. Thanks

Piyush

Piyush (Querist)
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06 June 2019 Hi. Would be very helpful if someone can let me know, thanks