REFARDING F&O AND SPECLUATION AND INTRADAY TRANSACTIONS

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This discussion addresses how to carry forward losses from F&O and speculation trading when the turnover exceeds £2 Cr in the financial year 2023-24. It clarifies that while tax audit under Section 44AB of the IT Act may not be applicable if the aggregate turnover is below £10 Cr (and cash transactions are below 5%), losses should still be declared under the books of account maintained for normal assessment.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)

20 May 2024 Incase of Intraday, Speculationa & F&O Turnover is more than 2 Cr in Financial year 2023-24 and if such party wants carry forward loss incurred by such F&O and speculation then what is the way to carry forward such loss?
If audit would be applicable as Turnover exceeds 2Cr in particular financial year?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

20 May 2024 Declare it under books of account maintained, i.e under normal assessment.
Tax audit u/s. 44AB IT act not applicable, provided aggregate turnover is below 10 Crs. (w.r.t cash transactions below 5 percentage.)

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

09 September 2024 Good Luck.

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