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)
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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)
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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)
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09 September 2024 Good Luck.

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