Tax audit applicability for reporting F&O loss

Income Tax Tax Audit
1

I have to report loss in F&O trading for FY 2023-24. My turnover in F&O trading is 1.67 Cr. Is tax audit applicable for me ?

2

Hey @Vikas_Singh,

As the turnover is below ₹10Cr, a tax audit will not be mandatory.

3

That means even if I have to report loss in F&O trading, since my turnover is just 1.67 cr. , tax audit is not applicable to me. Right?

Ma"am kindly reply to 2 more query plz:

  1. Do I need to maintain books of account for my F&O trading?

  2. Can I setoff income from other sources(interest, dividends) and STCG from my loss in F&O trading?

5

Hey @Vikas_Singh,

Yes, books of account need to be maintained as the turnover exceeds ₹25L.

Moreover, yes, F&O losses can be set-off against all incomes except salary in the same year.

1 Like