F&o loss
This query is : Open
22 July 2020
It is replied that if there is f& o loss & u want to file return for tds claim where to show loss & which return.? Need to prepare p& l& B.sheet and file ret to claim cf loss.?If return is delayed hence cf loss will not be allowed can i opt to not show f& o loss and only show f.d interest income & claim refund of tds.
23 July 2020
Loss from Delivery based F&O can be treated as normal business loss.
Intraday loss can be shown as speculative business loss
23 July 2020
Since it is a business loss it should be audited .Hence profit and loss account , Balance Sheet us required
23 July 2020
Even it the ITR filing is delayed you must file true and correct details in ITR.So you can't opt not to show F&O loss
23 July 2020
Chances are high to get IT notice if if it is not shown in ITR
27 July 2020
You can report turnover of FNO and offer presumptive profit in case you dont want to get the accounts audited.
Thought getting an Audit done is advisable.
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