Itr form for futures & options trading

For tax audit purpose or for presumptive assessment turnover of F&O would be same, here 2.50L

Yes, for net gains or loss the actual transacted value figures out in P&L acc.

Sir,

Thankyou for clearing about applicability of Tax Audit and presumptive assessment turnover.

In this case the assessee opts to carry forward the loss and go for tax audit.

In  derivative business total of positive differences is Rs 100000 and total of negative differences is Rs 150000 .

Two things need clarity :

1. Which figure has to be filled in Part A-P&L of ITR-3. In P&L of ITR-3 as Sales and Purchases and in which column ?  Should we fill total of Positive Differences (100000) as sale of goods and total of negative differences as purchases(150000) ? Or something else ?

2.In Clause No 40 of Form 3CD  which figure should we  feed as Total Turnover of the assessee  ( and then calculate the GP, NP & Stock ratios on the basis of that figure)?  

With Regards

Amit

1. Yes, that is one way of representation.

2. Higher of the two..... here negative difference. (though many differ over the interpretation, and again take aggregate of positive differencial trades)

Sir,

Thankyou for reply on clause 40 of 3CD

What is the correct/best way of  feeding in Part A-P&L of ITR-3

In  derivative business total of positive differences is Rs 100000 and total of negative differences is Rs 150000 .

Need clarity  on :

 Which figure has to be filled in Part A-P&L of ITR-3 as Sales and Purchases and in which column of ITR ?  Should we fill total of Positive Differences (100000) as sale of goods and total of negative differences as purchases(150000) ? Or something else/other column ? Which is the best option available.

With Regards

Amit

..........fill total of Positive Differences (100000) as sale of goods and total of negative differences as purchases(150000) ........... correct.....

Sir,

Thankyou

With Regards

Amit

Dear Sir, We have intra day trading loss (which i am declaring as speculative loss ) and F& O loss of around 2Lac . Net loss tobe carried forward after Set off is Around 1 Lac. Can go with no books of accounts case ? Turnover doesn't cross 25Lacs .

As you have to set off losses and carry forward remaining, maintaining books of accounts is mandatory.

Also check that speculative losses from intraday can be set off only from similar gains.

Sir,

Thanks a lot for the timely response. 

Yes sir, Speculative loss is major chunk of loss to be carry forward , as 90% of current year's F&O losses are being set off against current year's IOS itself. In this case do we have to maintain books for speculative trade also ? 

Firstly, you cannot set of losses of intraday trading with income from IFOS.

Secondly, you will be required to maintain books of accounts, and if total income exceeds BEL, question of tax audit arises.

Dear Sir,

1) Yes sir, i understand, hence speculative loss need to be carry forward.

2) I am saying most of F& O business loss of current year is getting set off against IFOS. I believe i am much clear now, and no problem in doing so ? Total income doesn't exceed BEL.

Thanks alot ..

So, tax audit will not be necessary, but books required to be maintain for both speculative & non-speculative transactions..

Thanks a lot sir

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