How to show F&O loss in ITR
F&O tournover 10 lacs
F&O loss 5 Lacs
Please guide
6 Replies
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 29 July 2022
I can help you out with this. I have filed many returns having same case. In market many people have misguided opinions regarding this. Check your inbox.
Rahul Jalan
(Chartered Accountant)
(121 Points)
Replied 29 July 2022
F&O loss would be treated as business loss. further tax audit would be applicable as there is a loss or profit less than 6% of turnover.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 30 July 2022
Loss should be audited but practically people declare 6% as profit on turnover and file ITR without tax audit under 44AD
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 30 July 2022
Neither 44AD with 6% profit is required nor audit. We can show losses and can carry forward them.
Thanoj Kumar
(2 Points)
Replied 30 July 2022
As per this tool, Tax audit applicable if there is a loss
https://tools.quicko.com/determine-tax-audit
https://tools.quicko.com/determine-tax-audit
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