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F&o loss
I have incurred a loss of Rs.40 lakhs in F&O trading.My turnover i.e Sum of credit & debits is Rs.76 Lakhs.Where should I show this (In which column of ITR-4) so that I can carry forward these losses.Am I liable for 44AD or Audit?
Replies (4)
"Am I liable for 44AD?"
No, unless you declare 6% profits over your Turnover
"Or Audit?"
Yes, as you wish to carry forward the losses.....and ......ITR 3 should be filed.........
You shouldn't filed ITR 4 coz now you're doing f & o there should be fall in speculation business so should be filed compulsory ITR 3 and in case loss of speculation business there should be set off in relevant year.
section 43(5) specifically excluded F&o transactions from being treated as speculative transactions, as such they are to be treated as normal business income, and dealt with accordingly
audit u/s 44AD is to be done, as you want to show loss from.business income
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