Is it compulsory to maintain books of account under 44AA to carry forward F&O losses?
This is the first year of F&O trading, please advice?
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F&O losses
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For all omdividuals carrying businesses and professions, books of accounts must be maintained if:
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Their income exceeds ₹250,000 OR their total sales, turnover, or gross receipts exceed ₹25,00,000 in any of the three years immediately preceding the previous year.
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For a newly set-up business or profession, if the expected income or gross receipts are likely to exceed these limits during the previous year.
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