Loss on F & O

This discussion addresses how to report a £60,000 loss on a £4 lakh turnover from Futures & Options (F&O) trading within an ITR 3 form. The advice clarifies that such losses should be declared under 'Income from Business or Profession'. It also confirms that the premium paid for purchasing options can be treated as an expense, even without maintaining formal books of accounts, provided transaction records are available. The use of Winman software for filing is also mentioned.