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How to disclose F&O Loss in PL at the time of filing ITR

ITR 359 views 1 replies

In the case of Future & Option Turnover Calculation as per ICAI Guidance Note as follows - 

(A) for Futures :

The total positive and negative differences shall be taken as Turnover. 

E.g. Buy Rate:621 and sale Rate 611 then Diff i.e (621-611) = 10 is turnover.

 

(B) for Options :

The total positive and negative differences shall be taken as Turnover + Premium received on sale option is to be included in turnover.

e.g. Buy premium: 20 and sale premium: 25 then turnover = (25-20) + 25 = 30

Question :

1.  How to disclose this turnover in PL and calculate the actual profit/loss at the time of filing Return (ITR-3)?

2. Whether the whole BS of Individual or only BS related to F&O transaction has to be disclosed in Return (ITR-3).

 

 

 

 

 

Replies (1)

Turnover F&O here means total of net debit + net credits of contract bills ( aggregate of all profit items +all loss items)

Balance Sheet will be as related to your business activity - F&O , Options.


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