Hi my client is trading in futures and options, he incurred loss of Rs. 1,46,000. How to file loss of FO in itr? Whether tax audit is compulsory or i can treat it as short term Capital Gain? Please help. He doesnt have any other income.
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Itr for f&o loss
Replies (4)
It is treated as 'PGBP' income.....
File ITR 3, and after adjustment with other income carry forward loss.
In no other income, tax audit not applicable; unless sec 44AD was opted in preceeding year. But filing P&L acc & BS details, mandatory.
Thank you sir. So we cant treat it as Capital gain right?
Correct...... Its not investment, but trading in future & options........
U can treat either CG OR PGBP, once opted u can't change in life time
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