Can assesee skip f&o loss in ITR

Yes in both case ... unless loss claimed.

Present scenario is........

When a person does F&O transaction,  and if his turnover (calculation as explained earlier), exceeds 25 lakhs rupees......... he is required to maintain books of accounts (sec. 44AA). So, till that frequency/transaction/volume..... he can declare his income/loss without books or audit. (marginal gains may be under IFOS, when say salary income is main source of income)

But once the limit crossed, he has two options.... either declare 6% profit (u/s.44AD) & forget books/audit.... file ITR4.......

But if profit margin less than 6% or loss........... check his total income....

- if below max. chargeable to tax..... again no audit, but only books.......

- But if above  the limit (2.50L/ 3.0L/ 5.0L)  file tax audit report....

Sir,

is the  case is applicable for FY 19-20. My F&O turn over is 20 lakh and loss of 7.5 lakh. Taxable income from other sources is 13 lakhs. Is it possible for me to file ITR3 with out books or audit ?

Sir, is the  case is applicable for FY 19-20. My F&O turn over is 20 lakh and loss of 7.5 lakh. Taxable income from other sources is 13 lakhs. Is it possible for me to file ITR3 with out books or audit ?

 

Sir, 

The limit said above (25L) remains same now ie for AY 2022-23. kindly update. 

Yes, limit for individual/HUF remains same as 25 lakhs, but the scenario of tax audit has changed.

If you had not opted for sec. 44AD in any preceding 5 years, it is not mandatory to file tax audit report even in case of loss.