Setoff of Future and Option losses in FY 2018 19 with Interest income from FD


I am a Sr. Citizen.

I need to revise FY 2018 19 return to include F&O losses. I had already filled ITR1 form and is processed.

My FnO losses are to the tune of 1.12 lacs so I shall require Tax audit.

Can I revise ITR1 filled previously to ITR 3 with Tax Audit? What is the revised due date for the same? Shall I be levied any penalty?

I have paid 30k taxes already so if I revise to ITR3 and show losses, can I offset the losses against FD interest income and claim refund of already paid tax in previous year?


Hi Harshil,

Yes, you can revise your income tax return with tax audit. The revised due date for the same is November 30, 2020. However, please note that a penalty may be levied under section 271B. The minimum penalty that can be charged is 0.5% of the total sales, turnover, or gross receipts. The maximum penalty applicable is INR 1,50,000. A penalty can be avoided if the taxpayer provides a reasonable cause for not having the accounting records audited.

Further, yes non-speculative losses can be set off against FD interest income and you can claim a refund of the excess tax paid. Hope this helps :slight_smile:

Hey, Abhishek here.
Can you kindly tell me the procedure on how to push the tax on fd after I get the interest credited in my account?

Hey @abhishek_saha, you can find out the procedure to file the ITR for income earned via interest on FD in this article: