Balance sheet when no longer trading F&O

Income Tax Income from Business or Profession
1

FY 21-22:

  • Salary Income
  • F&O trading loss
  • Filed ITR3
  • Listed all my bank accounts, broker balance and securities pledged in balance sheet.
  • Loss would be carried over

FY 22-23:

  • Stopped F&O trading in June 2022, and moved outside India
  • No Indian salary income for FY 22-23
  • No balance in broker account since June 2022
  • I will be considered an NRI for FY 22-23
  • Made some profit in F&O from April 2022 to June 2022
  • I believe I need to file ITR3 to report the profit in F&O

Question:
What do I put in balance sheet for FY 22-23 (i.e. as of March 2023)? Since I stopped trading in June 2022, I dont have any broker balance since then, and all my bank accounts are converted to NRO account.

2

Hi @Pratha

Since you stopped trading in June 2022 and moved outside India, there will be no balance in your broker account as of March 2023. Additionally, since you’ve converted all your bank accounts to NRO accounts, It’s likely that you don’t have any significant assets or liabilities to report on your balance sheet for FY 22-23.

In this case, you can need to enter the cash balance as of the closing business date in your balance sheet.