If I have carried forward open FnO positions from current fiscal to next fiscal year, then what do I need to specify in IT return

If I have carried forward open FnO positions from current fiscal to next fiscal year, then what do I need to specify in IT return. For the completed transactions I have buy and sell both prices and the profit/loss. But I am unable to find what should be declared for open positions.
Should we calculate MTM till 31st march and declare it as profit loss, or not declare open positions at all?

Hi @Vaibhav_Tikam, you will have to show the open FNO position at the prices in which you entered under the head of “Other Current Assets”. It is not required for you to show MTM as provisional losses and gains are not allowed in taxation.
Please let me know if you you have any other queries. Would be glad to help. :blush:

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Entered a fno derivative trade on 31st march .
Exit / squareoff the same on 1st april .

P/L and turnover would be part of which F.Y . ?
Current year or next year ?

@Sakshi_Shah1
@Shrutika_Shah
@Laxmi_Navlani
@Yash_Kaviya

Hi @HIREiN,

P/L and turnover would be part of the FY in which the position is closed or squared off i.e. 1st April in the example that you mentioned. So, it will be taxable in the next financial year.

Hope this clarifies!

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