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.
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.
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.
CAclubindia
