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Books of accounts for filing returns for FnO trading?

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A Kar

Nil

79 Points Posted on 13 June 2021

Is it mandatory for FnO traders to maintain books of accounts for Options trading? Or will the CA prepare the same at the end of the year?

Also what books are to be maintained for the same? Thanks!

Replies (2)

Quick Summary

This discussion explores whether Futures and Options (FnO) traders are legally required to maintain detailed books of accounts for tax return purposes. While not always mandatory for individuals, the necessity can depend on transaction volume and business structure. Some advice suggests simply tracking final profit and loss figures for different trading types, with CAs potentially preparing year-end accounts. However, for organisations and LLPs, maintaining books of accounts is often obligatory above certain thresholds.

Others

7 Points Posted on 13 June 2021

I think, you have to just collect the final p&l figure for cash, intra, fno etc separately that's it.

sabyasachi mukherjee

Profession Business

28246 Points Posted on 14 June 2021

IT DEPENDS ON THE VOLUME OF TRANSACTIONS.
THOUGH IT IS NOT MANDATORY TO MANTAIN BOOKS OF ACCOUNTS AS DESIRED .BUT ITS OPTIONAL.
THE INCOME TAX ACT AND OTHER ACTS HV MADE IT FOR ORGANIZATIONS/ LLP_ _/SOLE PROPRIETOR OR ANY OTHER FORM OF BUSINESS TO MAINTAIN BOOKS OF ACCOUNTS AS PER THRESHOLD LIMIT.
THOUGH IT IS OBLIGATORY.