Treatment of intraday profit and fno loss in,ITR

where to show intraday profit and fno loss in ITR 3. wheather maintenance of books mandatory 

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Quick Summary
This discussion clarifies how to report intraday profits and Futures & Options (F&O) losses within ITR 3, classifying them under 'Business or Profession'. It also outlines the mandatory requirements for maintaining books of accounts, dependent on income levels and gross receipts exceeding specific thresholds. Consulting a tax professional is recommended for personalised advice on ITR form selection and compliance.

For intraday profit and F&O loss, if these activites are considered a business, they should be reported under "Business or Profession" in ITR 3. Maintenance of books of accounts is madatory if the total income exceeds the maximum amout not chargeable to tax and the gross receipts from these activites exceed Rs. 1 crore or other specified thresholds. It is advisable to consult a tax professional to determine the appropirate ITR form and compliance requirements bassed on individual circumstances. 

Select itr as per source of income and quantum

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