Disclosure of losses in the F&O

This discussion addresses whether a tax audit is mandatory for clients incurring losses in Futures & Options (F&O) trading, particularly when their turnover doesn't exceed the audit threshold and they don't maintain books of accounts. While a tax audit isn't strictly required for disclosing losses if the turnover limit isn't met, maintaining books of accounts may still be necessary. The conversation also clarifies that specific tabs in the P&L are for presumptive taxation, not general F&O loss disclosure without books.