There is no option to disclose F&O loss under Business Head "No Account Cases" in ITR-3. Could anyone please give detailed explanation as to where and how the turnover and loss should be disclosed for salaried individual?
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F&O loss for salaried individual
Replies (3)
Quick Summary
What is your turn over? & your total income?
How can you say that you are not required to maintain books for f&O trades?
F & O is considered as normal business income..
Calculate turnover and opt for presumptive Taxation and file ITR-4
Calculate turnover and opt for presumptive Taxation and file ITR-4
Hello I too have the same query.
F&O turnover is 15 Lakh (calculated as per ICAI Guidance notes). Loss is 4.25 Lakh and expenses are 55 thousand
Total income is 27.95 Lakh which includes Salary (16.25Lakh), House property (1.25 Lakh), bank interest, stock dividend, LIC money back (1.3 Lakh), and PPF maturity (6.1 Lakh)
As per Sec 44AA Turnover >25 Lakh require maintain books of account
As per Sec 44AB Turnover >1 Crore require Audit
Sec 44AD has never been opted for in the past.
So why ITR 3 is not allowing to use " No Accounts case" with loss?
How to proceed?
BRgds,
CArnot
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