Profit / loss from f&o trades


(Querist)
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


B.Chackrapani Warrier (Expert)
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 (Querist)
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.

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

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

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

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


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