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Can assesee skip f&o loss in ITR

Anonymous (Business) (240 Points)

21 July 2018

GM all

Assesee want to file simple salary return within due date but do not want to claim f&o loss. Is there any liability under presumptive taxation (6 % of turnover ) ?
If he file return after due date anyway he can't claim loss whether he still has any liability under presumtive taxation?

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 21 July 2018

Yes in both case ... unless loss claimed.

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Anonymous (Business) (240 Points)
Replied 21 July 2018

so the best course for him is either go for tax audit (assesee liable for audit in this case as conditions for no audit does not met) or pay presumptive tax by declaring 6 % .

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 21 July 2018

Present scenario is........

When a person does F&O transaction, and if his turnover (calculation as explained earlier), exceeds 25 lakhs rupees......... he is required to maintain books of accounts (sec. 44AA). So, till that frequency/transaction/volume..... he can declare his income/loss without books or audit. (marginal gains may be under IFOS, when say salary income is main source of income)

But once the limit crossed, he has two options.... either declare 6% profit (u/s.44AD) & forget books/audit.... file ITR4.......

But if profit margin less than 6% or loss........... check his total income....

- if below max. chargeable to tax..... again no audit, but only books.......

- But if above the limit (2.50L/ 3.0L/ 5.0L) file tax audit report....

2 Like

Ramkumar (superviser) (58 Points)
Replied 06 August 2020

Sir,

is the case is applicable for FY 19-20. My F&O turn over is 20 lakh and loss of 7.5 lakh. Taxable income from other sources is 13 lakhs. Is it possible for me to file ITR3 with out books or audit ?

Ramkumar (superviser) (58 Points)
Replied 20 October 2020

Sir, is the case is applicable for FY 19-20. My F&O turn over is 20 lakh and loss of 7.5 lakh. Taxable income from other sources is 13 lakhs. Is it possible for me to file ITR3 with out books or audit ?