No account case for F&O if net profit is negative

This discussion clarifies whether you can use the 'no account' case for Futures & Options (F&O) if your net profit is negative. The consensus is that if you have a net loss, you cannot use the 'no account' case, as it doesn't allow for showing losses. Instead, you'll need to file under ITR 3, maintaining accounts and providing a balance sheet and profit & loss statement to adjust the loss with other business income.