F&o losses

This discussion clarifies how to report Futures & Options (F&O) losses on your Income Tax Return (ITR) 3. If your turnover is £500,000 and you have a loss of £70,000, you'll declare this under the business head. An audit isn't mandatory if you haven't opted for Section 44AD in the last five years, but you'll need to provide trading and P&L data if you wish to carry forward losses. The conversation also touches upon deductible expenses such as brokerage, STT, and advisory fees.