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ITR3 FNO LOSS

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Surya Kumar

Self Employed

28 Points Posted on 09 May 2024

Greetings,

My ONLY source of income is FNO trading.
Booked LOSS = 10 Lakhs ( Including Charges this year )
Total Turnover = 4 CR.
I want to File ITR3 & Carry Forward Losses, to offset them in coming years.

Does Tax Audit and Maintaining Book of Records required / Mandatory for me ?
(OR) Since, Turnover is less 10 CR, Can I fill ITR3 myself without any Tax Audit?

Thank you

Replies (4)

Quick Summary

This discussion addresses an F&O trader with a ₹10 lakh loss and ₹4 crore turnover who wishes to file an ITR3 and carry forward their losses. The key question is whether a tax audit and maintaining books of accounts are mandatory given the turnover. The consensus is that while maintaining books of accounts is mandatory, a tax audit is not strictly required if the turnover is below ₹10 crore, allowing for ITR3 filing without one.

Akshay Badala

43 Points Posted on 10 May 2024

Audit is mandatory for your books of Accounts as T/O is more then 1 Cr. Make sure you conduct audit on time so that you can carry forward your losses to next FY