Sir
My Client has traded in F&O of Equity and Currency, in FY 18-19 Loss in equity is 9lac and Currency loss is 1lac. but the turnover of buying and selling is more than 1cr
whether I need to audit u/s 44AB or file returns non audit.
in which column should I show this loss in IT Return
Thank You
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Loss from derivatives and Currency Trading in F&O
Replies (2)
File ITR 3...
Declare the F&O income under head PGBP
Tax audit u/s. 44AB mandatory, if the net turnover of F&O exceeds Rs. 1 cr ...
Show in Trading Account
4 A iii F&O Income
9 iii F&O Loss
Net result will be F&O loss as per your query
Tax audit is required as turnover exceeds limit of 1 crore.
4 A iii F&O Income
9 iii F&O Loss
Net result will be F&O loss as per your query
Tax audit is required as turnover exceeds limit of 1 crore.
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