I have a query regarding treatment of loss from futures and options in itr
My turnover is 33 lakhs (as computed by adding all absolute values)
And actual loss from it is around 3 lakhs. In itr 3 should i report 33 lakhs as turnover in Pand L
If so then how can i claim the loss in the return and carry forward
Can i take the loss by giving books not maintained and just give the loss in itr
Pls reply
You need to file ITR3 and show F&O loss as Business Loss.
Books of account you have to maintain as business loss return is not applicable for under 44AD and not advisable also
CAclubindia
