Intra day trading F&O

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Chartered Accountant
53 Points Posted on 30 December 2022
1. Assesse having regular business with GST registration turnover less than 1 crore
2. Intra day trading in F & O ( not showing in GST ) currently with loss.

My querry

1. Need to set off the loss of intraday F&O with normal business. How will file ITR ( is audit needed)



2. turn over of GST & ITR will not be equal. is there any issue??

3. Stock details and AIS having deviations. is there any issue if we go with stock PL details
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On 30 December 2022 at 20:52 Report
Replies (3)
Quick Summary
This discussion clarifies tax implications for individuals trading F&O intraday alongside a regular business. It explains that intraday F&O losses can be set off against other business profits, and audits are generally not required if turnover is below 10 crore. The advice also addresses potential discrepancies between GST and ITR turnover figures, assuring that declaring them separately in the ITR is standard practice and advising to reconcile any differences in AIS with actual data.

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SEO Sai Gr. Hosp.
212503 Points Posted on 30 December 2022

1. F&O loss can be set off with other business profit, but not if loss is from intraday.

2. No audit necessary, if TO below 10 Crs.

3. Turnover of both the businesses are declared separately in ITR, so no need to worry for GST & ITR match.

4. Check why there is difference. Go with actual data, and report for any variation in AIS.

1 Reply
On 30 December 2022 at 21:44
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Chartered Accountant
53 Points Posted on 31 December 2022
Thank you sir
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On 31 December 2022 at 08:55
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SEO Sai Gr. Hosp.
212503 Points Posted on 31 December 2022

You are welcome..             

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On 31 December 2022 at 10:00

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