There is a loss of Rs 50000 in business of derivatives. As per Guidance Note on Tax Audit Turover of derivatives is total of favourable and unfavourable differences. In this light if favourable differences are Rs 100000 and unfavourable differences are Rs 150000 and net of Differences is -Rs 50000(Loss in derivative business) . The assesseee is required to go for Tax audit as his income is less than 6%/8% as required u/s 44AD. Now while feeding in ITR-3 we have to fill all income and expenditure in Part A-P&L of ITR-3 . What figure should be mentioned and in which column of Part A-P&L of ITR-3 ? And further what turnover should be mentioned in Clause 40 of Form 3CD ?
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