madam as you said we can adjust fno loss to stcg & ltcg in same financial year.can we pay tax on stcg & ltcg & carry forward fno loss to next financial year to compensate against fno profits after paying tax on stcg & ltcg.this will be helpful as stcg is 15% <cg is 10% whereas fno is as per business income & income tax on higher side is 30%.this will be helpful to save tax %age wise waiting for your guidance madam.
Your current year F&O losses are first set off against the available relevant incomes and then the remaining is carried forward to the future years.
You cannot choose to not set off the f&o losses.
thanks madam
this means if i have fno loss and have other incomes, stcg, ltcg than by default it has to be adjusted first rather than paying tax on remaining and carry forward fno loss.
Yes, your understanding seems to be correct now.
Hii @Shrutika_Shah, I have FnO Turnover of approx 2.5 Crore and Loss is 35Lacs
Do I need to get file ITR with the audit?
An audit is not applicable up to âč 10 crore provided that the total cash receipts/payments do not exceed 5% of total receipt0/payment and youâve not opted out of the presumptive scheme in the previous 5 years.
Only F&O
total option turnover: 20 Lakh
Only Losses : -65000
Do I need to audit required when filing ITR3
No, audit is not required if the turnover is less than 10 crore and you have not opted out the presumptive scheme in the previous 5 years.
Hi please consider my case as I am googling from last few hours without any answer, hope to get it clarified here:
I have a salary income of ~28 lac
Other income from fd and interest is 50 k
F&O loss 33 k and turnover is 90 k
I am interested in filling ITR 3 considering I can balance my interest income.
However the issue is in many portal itâs showing since you are filling salary income + f&o loss and itâs above 2.5 lac. I need audit.
Please help tá» clarify
I am in similar situation.some places it is mentioned audit not required sone places it is mentioned audit is required if you want to show f&o loss and salary income is above 5 lacâŠ
big confusion
Youâre correctly filing ITR 3.
An audit is not applicable up to âč 10 crore provided that the total cash receipts/payments do not exceed 5% of total receipt0/payment and youâve not opted out of the presumptive scheme in the previous 5 years.
Need advice as I am not getting correct response anywhere.
Net Salary income (after PF, Standard deduction) - 4.85 lakhs
F&O turnover - 26 lakhs
F&O loss - 3.27 lakhs (excluding brokerage and other charges)
Filed losses in previous FY too, but net salary income was 2.47 lakhs.
Did not understand what do we mean by âOpted out of presumptive taxationâ
Please guide on the above situation, is an tax audit applicable in the above case.
A tax audit is not applicable if youâve been filing under the regular scheme of taxation in the previous 5 years.
This is only my 2nd year of filing ITR. That means no audit applicable.
Iâm a salaried person and fall under 20% tax slab rate (old regime).
The following figures are from Zerodha taxpnl excel report
Option realized profit = -24710
Option Turnover = 83767.5
Total Charges (brokerage etc) = 13806
Quicko is saying âTax audit not applicableâ
I know ITR3 needs to be filed but do I need a tax audit?
Can someone help me?
Thanks in advance.
Hi @taxpayer9
Audit is not recommended as per your income situation.
You can read about Tax Audit Applicability : Help Center for your reference.
Hi Shrutika,
Thanks for the reply.
So in that case I can file the ITR3 via Quicko by myself right?
Hi @taxpayer9
Yes, definitely.
Hello,
Untill now (FY 21-22) i have file return only for salary, nothing else( No shares or no trading , nothing), I started first time FnO trading from last year (FY 22-23 ) and in FY 22-23 option turn over is 2,23,000 and net loss is 23000. And I have net freelance income of 400,000 after deducting all expenses, And I dont have any salary income. Is audit is applicable in this case ? And is books of account is applicable in this case ?
Hello,
Untill now (FY 21-22) i have file return only for salary, nothing else( No shares or no trading , nothing), I started first time FnO trading from last year (FY 22-23 ) and in FY 22-23 option turn over is 2,23,000 and net loss is 23000. And I have net freelance income of 400,000 after deducting all expenses, And I dont have any salary income. Is audit is applicable in this case ? And is books of account is applicable in this case ?