Hi my client is trading in futures and options, he incurred loss of Rs. 1,46,000. How to file loss of FO in itr? Whether tax audit is compulsory or i can treat it as short term Capital Gain? Please help. He doesnt have any other income.
Hi my client is trading in futures and options, he incurred loss of Rs. 1,46,000. How to file loss of FO in itr? Whether tax audit is compulsory or i can treat it as short term Capital Gain? Please help. He doesnt have any other income.
It is treated as 'PGBP' income.....
File ITR 3, and after adjustment with other income carry forward loss.
In no other income, tax audit not applicable; unless sec 44AD was opted in preceeding year. But filing P&L acc & BS details, mandatory.
Thank you sir. So we cant treat it as Capital gain right?
Correct...... Its not investment, but trading in future & options........
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Kolkata
CA Inter
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