For tax audit purpose or for presumptive assessment turnover of F&O would be same, here 2.50L
Yes, for net gains or loss the actual transacted value figures out in P&L acc.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167415 Points)
Replied 17 August 2018
For tax audit purpose or for presumptive assessment turnover of F&O would be same, here 2.50L
Yes, for net gains or loss the actual transacted value figures out in P&L acc.
Amit
(CA Practice )
(107 Points)
Replied 18 August 2018
Sir,
Thankyou for clearing about applicability of Tax Audit and presumptive assessment turnover.
In this case the assessee opts to carry forward the loss and go for tax audit.
In derivative business total of positive differences is Rs 100000 and total of negative differences is Rs 150000 .
Two things need clarity :
1. Which figure has to be filled in Part A-P&L of ITR-3. In P&L of ITR-3 as Sales and Purchases and in which column ? Should we fill total of Positive Differences (100000) as sale of goods and total of negative differences as purchases(150000) ? Or something else ?
2.In Clause No 40 of Form 3CD which figure should we feed as Total Turnover of the assessee ( and then calculate the GP, NP & Stock ratios on the basis of that figure)?
With Regards
Amit
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167415 Points)
Replied 18 August 2018
1. Yes, that is one way of representation.
2. Higher of the two..... here negative difference. (though many differ over the interpretation, and again take aggregate of positive differencial trades)
Amit
(CA Practice )
(107 Points)
Replied 18 August 2018
Sir,
Thankyou for reply on clause 40 of 3CD
What is the correct/best way of feeding in Part A-P&L of ITR-3
In derivative business total of positive differences is Rs 100000 and total of negative differences is Rs 150000 .
Need clarity on :
Which figure has to be filled in Part A-P&L of ITR-3 as Sales and Purchases and in which column of ITR ? Should we fill total of Positive Differences (100000) as sale of goods and total of negative differences as purchases(150000) ? Or something else/other column ? Which is the best option available.
With Regards
Amit
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167415 Points)
Replied 18 August 2018
..........fill total of Positive Differences (100000) as sale of goods and total of negative differences as purchases(150000) ........... correct.....
manjunath
(articled cleark)
(46 Points)
Replied 30 July 2019
Dear Sir, We have intra day trading loss (which i am declaring as speculative loss ) and F& O loss of around 2Lac . Net loss tobe carried forward after Set off is Around 1 Lac. Can go with no books of accounts case ? Turnover doesn't cross 25Lacs .
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167415 Points)
Replied 30 July 2019
As you have to set off losses and carry forward remaining, maintaining books of accounts is mandatory.
Also check that speculative losses from intraday can be set off only from similar gains.
manjunath
(articled cleark)
(46 Points)
Replied 31 July 2019
Sir,
Thanks a lot for the timely response.
Yes sir, Speculative loss is major chunk of loss to be carry forward , as 90% of current year's F&O losses are being set off against current year's IOS itself. In this case do we have to maintain books for speculative trade also ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167415 Points)
Replied 31 July 2019
Firstly, you cannot set of losses of intraday trading with income from IFOS.
Secondly, you will be required to maintain books of accounts, and if total income exceeds BEL, question of tax audit arises.
manjunath
(articled cleark)
(46 Points)
Replied 02 August 2019
Dear Sir,
1) Yes sir, i understand, hence speculative loss need to be carry forward.
2) I am saying most of F& O business loss of current year is getting set off against IFOS. I believe i am much clear now, and no problem in doing so ? Total income doesn't exceed BEL.
Thanks alot ..
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167415 Points)
Replied 02 August 2019
So, tax audit will not be necessary, but books required to be maintain for both speculative & non-speculative transactions..
Kartik Vishnoi
(115 Points)
Replied 15 September 2023
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