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Requirement of Tax Audit to carry forward losses under F&O

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21 April 2024 I am salaried individual. Filing ITR2 for past several years. This is first year I have been involved in F&O trading (nifty index options trading). I have incurred a loss this year. Plan to carry forward this loss to next year. I understand I need to file ITR3. My F&O turnover is less than 2 Cr.

Can the experts advise if incurring an F&O loss and wanting to carry forward this F&O loss makes it mandatory to maintain books of accounts and get a tax audit done. There are conflicting opinions of experts on the internet. So clarification will help. Thanks.

21 April 2024 you may not required an audit., But you need to maintain books of accounts and file ITR-3 to claim carry forward of loss.

Happy to help you in case you need assistance for filing of the return.

22 April 2024 Thank you Nikhilji. Appreciate it. Will certainly reach out for any assistance.

23 April 2024 you are most welcome..

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