No account case for F&O if net profit is negative

Manu (Mr) (132 Points)

01 July 2023

Can we use No account case for F&O if net profit is negative?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 01 July 2023

If you want to carry forward or adjust it with other business income file ITR 3 under accounts maintained.

You cannot enter loss in no account case.

CA Aakarsh Jain (CA) (10431 Points)
Replied 01 July 2023

You cannot show loss in no account case. You need to fill balancesheet and trading and profit & loss

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Manu (Mr) (132 Points)
Replied 01 July 2023

My net profit is -1178

Can i make it 0 and use No account case? I don't want to carry it forward. Will there be any issue?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 Points)
Replied 01 July 2023

No issue, you can proceed.

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