One of my friend is doing F & O and Equity, He did a 5 Cr Purchase and sale 4.9 C in the FY 2023 - 2024. Do we need to maintain Tally? In ITR 3 do We need to provide balance sheet and Profit & Loss .? Or else can we update no accounts option?
29 July 2024
Check the total turnover of F&O trading:: under F&O trading, the turnover of futures will be the absolute profit, which is the sum of positive and negative differences.
Futures Turnover = Absolute Profit (sum of profit and loss made on various transactions throughout the year)
The turnover of options can be calculated by adding the premium obtained on selling the options to the absolute profit.
Options Turnover = Absolute Profit + Premium obtained on selling the options
If the aggregate turnover is below 3 Crs., you can opt for sec. 44AD IT act. No books of accounts to be maintained. You can file ITR 4.
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