ITR filing with loss in F&O in wife's account

GST Input Tax Credit
1

Hi Sir, Last financial year I traded in F&O with my money in both my and my wife’s account. She was financially dependent, hence has never filed ITR. The total F&O turn over of both the accounts was 1.18 crore and the net loss was 10 lakh. I have never used section 44AD and Presumptive taxation. Also due to this loss in F&O my net income for the fiscal year was below exemption limit of 2.5 lakh. Please clarify following doubts.

  1. Do I need to get audited as I am to show F&O loss of 10 lakh in F&O in ITR3?
2

Filing ITR with a loss in your wife’s F&O account? You can carry forward speculative losses only if the return is filed on time. Ensure proper disclosure under “Income from Other Sources” and maintain detailed transaction records. Consult a CA for accurate reporting and compliance.

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