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)
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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)
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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)
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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)
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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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