F&O in ITR 3 (Filing, Audit, Turnover calculation)

This discussion addresses how to file Income Tax Returns (ITR) for AY 2020-2021 when incurring losses from options trading, alongside professional income and salary. Key questions revolve around correctly reporting these losses in ITR 3, determining audit liability based on turnover, and calculating turnover from options. The consensus suggests that if the trading results in a net loss, an audit may not be required, even if the notional turnover is high, and advises obtaining a capital gains statement from the broker for accurate reporting.