Reporting f&o loss jn ITR-3

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This discussion addresses how to correctly report Futures & Options (F&O) losses within the ITR-3 tax form. Experts clarify that F&O business should not be reported under the intraday turnover sections (Sr. 12A & 12B). Instead, F&O can be declared under 'other operating revenue'. The key is to report the absolute turnover value of each transaction, not just the net sales value.

Nikhil Sharma

Nikhil Sharma (Querist)

16 July 2024 Dear Experts,
We have f&o loss, in ITR3 of trading Account should I report sale value of f&o in other operating revenue ?? And at serial 12 (A) turnover from intraday (b) income from intraday. Should report only f&o turnover in 12(A) with -f&o loss in 12(B). ??

Pls suggest

Thanks

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

16 July 2024 F&O business cannot be reported in Sr. 12(A) & (B), it is for intraday reporting. F&O can be reported in other operating revenue.

Nikhil Sharma

Nikhil Sharma (Querist)

16 July 2024 Sir, sales value of f&o is in crore, whereas turnover is in lacs, where we will show f&o turnover in ITR-3

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

16 July 2024 Actually only turnover is to be declared based on absolute value of each transaction.
For more details you may refer::
https://taxguru.in/income-tax/report-fo-losses-in-itr-3-step-by-step-guidelines.html

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