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
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Futures and options
Replies (1)
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
Books of account you have to maintain as business loss return is not applicable for under 44AD and not advisable also
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