Futures & Options Return filing which Turnover exceeds 1 crore without Tax Audit

Dear Sir/Madam,

 

One of our client is Salaries income , along with that he does Trading in Futures & Options.

 

In the FY 2023-24, he's FnO turnover of Rs. 1.6 Cr and loss is Rs. 30 Lakhs.

Can i file the IT return by in form  ITR-3 without Tax audit ( Cash Receipts and Payments <5% )  by using clause of Tax Audit turnover not exceeds 10 Crore. by showing loss of Rs. 30 Lakhs.

 

Please help.  

 

 

 

Replies (2)
Quick Summary
This discussion addresses whether an individual with Futures & Options (FnO) turnover exceeding £1 crore but incurring a loss can file their income tax return using Form ITR-3 without a tax audit. The query specifically asks if the clause for tax audit turnover not exceeding £10 crore can be applied, given that cash receipts and payments are less than 5% of total transactions. The consensus suggests that filing without a tax audit is indeed possible in this scenario.

Yes, eligible.             

Yes
You can even opt for 44ad

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