Dear Sir/ Mam
I want to know if i am liable for Tax Audit for my F&O Loss in Zerodha.
Total F&O Turnover: 83,00,764
Total F&O Loss: 15,37,924
Annual Salary: 17.5 LPA
You are not liable for Tax Audit , provided that you had not opted presumptive taxation in any of the 5 preceding financial year.
Hey @KNYadav,
As the turnover is below ₹10Cr, audit will not be applicable.
Hi Surbhi , I have a similar query .In ITR Form 3 , 64 ii d - Net Profit does not take a -ve figure .So if the F & O loss is -ve or expenses are more than profit , in either case perforce this respective cell takes the figure as zero only . So , in effect , F & O loss is not getting adjusted in CY and also cannot be carried forward because of the said limitation . Kindly clarify .Thanks in advance.
Hi @tapas,
I’ve written in detail about adding speculative and F&O income in ITR: FY23-24: Step-by-step guide on filing tax return for traders – Z-Connect by Zerodha
Moreover, it does take negative values, it might be a utility issue. Can you delete the entire entry and retry? It should work out.
Thanks a lot for your prompt response .
Your article referred is excellent and very comprehensive .
I have attached screenshot of the cells ( in business income in no account cases in P & L Part A ) containing the cell ( net profit ) which is not taking the negative figure . I prepared the ITR online .However in speculative activity the net profit is taking -ve figure .