Can F&O Loss be reported in ITR 3 in no accounts case. I’m having loss of about 10,000 and turnover of about 75,000?
Hello @AJ_cubehead98 Losses cannot be reported under no accounts case. You have to prepare a balance sheet, profit & loss account and file ITR 3.
Thank you
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@AkashJhaveri Can expenses like brokerage, gst, ipft charge, sebi fees, stt, stamp duty, and transaction charges be considered to arrive net profit.
Hello @AJ_cubehead98 Yes, all the expenses you incurred to trade can be claimed to arrive at net profit. You can refer to the below thread to know more about which expenses you can claim:
List of expenses a trader can claim
Thanks
@AkashJhaveri @garg.pulkit131 In profit and Loss account, if turnover is shown as gross receipts, then arriving the net profit as per the brokers statement seems to be challenging as GP and NP are auto filled. But if buy value and sell value of options is shown then Gross loss and Net loss can be arrived. What has to be done here practically. One last thing Sir, I have STCG of Rs. 18,292, LTCG of Rs. 13,056 and IFOS containing Interest and Dividend of Rs. 2,75,257. There is a qn. stating “Are you liable to prepare Books of Accounts as per Sec. 44AA”. As per my understanding, I’m not liable as my business income isn’t exceeding 2.5 lakhs and turnover is not exceeding the limit. So can i select No (even though i prepare for set off in current year) and proceed with filling the P&L and Balance sheet.