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How to file ITR 3 for Futures and Options | Turnover calculation for Futures and option
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About CA Sandeep Kumar
With a strong background and experience in diverse areas of Finance, Sandeep holds a CA, CS and MBA degrees He is an entrepreneur and a passionate digital content creator. He has been known to captivate his audience with his creative and unique approach. With his skill set and passion for creating content, Sandeep is poised to make a significant impact in the field of Finance and continue to inspire others to do the same. #finance #knowledge #taxation #investment #stockmarket #currentaffairs @casandeepkumar
Futures and Options, commonly referred to as F&O, are financial derivatives instruments traded on the stock exchanges. These are contracts signed by two parties for trading a stock asset at a predetermined price on a later date. They are agreements that allow investors to speculate or hedge their positions based on the future price movements of underlying assets such as stocks, commodities, currencies, or indices.
Benefits of Declaring Your F&O Loss
Declaring your Futures and Options (F&O) loss while filing your income tax return can provide several benefits, including:
Tax Deduction: A prime benefit of showing the loss is you may set it off against any other income earned by you. A loss on an F&O trade can be adjusted against all income apart from your salary. This may include income from house property, business or profession, or any other source. It reduces your overall tax liability. This can help in lowering your tax liability.
Carry Forward: If your F&O losses exceed your total income in a particular financial year, you can carry forward the unabsorbed losses to future years. These losses can be set off against F&O gains in subsequent years, reducing your tax liability in those years.
Tax Compliance: Declaring F&O losses ensures that you are in compliance with the income tax laws and accurately reporting your financial transactions. Non-disclosure of losses can lead to penalties and legal consequences.In case you have loss from F&O trading, there are tax benefits associated with reporting losses.
Audit Requirement: If you have F&O losses, declaring them in your tax return can help you avoid tax audit requirements. Tax audit is mandatory for certain taxpayers whose turnover or gross receipts exceed a specified limit. Properly declaring losses may keep you below that threshold.
Documentation for Future Reference: Properly declaring F&O losses provides you with a record of your financial transactions, which may be useful for future references, such as loan applications or financial planning.
Adjustment against F&O Gains: If you have both F&O gains and losses in a financial year, declaring the losses allows you to offset them against the gains, reducing the overall tax liability on F&O transactions.
What is the Tax Treatment for F&O Profits or Losses?
Futures and Options trading under Section 43(5) are considered as non-speculative transactions. This means any income that comes from F&O trading is taxed in a similar way as that of business transactions. Therefore, any F&O loss is treated as a business loss.
Such loss on F&O transactions is not subject to tax. However, reporting it in the ITR lets you claim certain expenses that have been incurred while conducting the F&O trade. Given below are some expenses you can claim as a deduction -
Rent of the premises where F&O trade is conducted.
Administration expenses for the trade. For example, telephone bills and Internet.
Salaries of the employees or individuals you have hired for the F&O trade.
Brokerage, commission, or charges of experts.
Depreciation on the assets used for F&O transactions.
Note: It is necessary for you to have proof of all these transactions in the form of bills and receipts which are filed properly. However, cash expenses exceeding Rs.10,000 cannot be claimed. In addition to this, you can also deduct the amount paid as Securities Transaction Tax (STT).
How to show F&O Loss in ITR?
In the F&O loss scenario, transactions can be set off against all other income sources except salary. This is a prime benefit. These income sources could be a business or profession, house property, or other sources.
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I searched for so many videos to file my ITR3 while showing FnO losses.
This one was the most helpful and I completed all sections by pausing the video.
Finally I have filed the ITR3.
Thank you so much sir 🎉
Bhai ji mera dusra type se aa raha hai aadha process k baad
PLEASE CHECK LATEST GUIDLINES OF ICAI ON TAX AUDIT 2023, WHERE PREMIUM VALUE IS NOT INCLUDED INTO TURNOVER, PLEASE CORRECT
Volume level maker research analyst N charan reddy is a fraud
Only Absolute Profit should be considered in Futures and Options. No need to add premium.
@@sinovicks3768yes...and also at 25:26 he said that online gaming record under speculative income, however it should record under IOS u/s 115BBJ
Brilliantly explained with rule position of each section.
Thanks sir....one of the best video for ITR3 filling.
Sir Proprietor's capital kaise nikalna hai pls reply ?
Sandeep ji .....thanks for another video on .itr 3.....i have been filing using your last year videos ,this one you taught us how to fill details in a trading account instead of p/l account.which is new for me.
My query is regarding off market transactions when we transfer shares to our family members, how should we report that gain or loss...is it under capital gain as usual...
2. When we tender shares for buy back ,should we report that In itr. If yes than how to do that.
Very specific & to the point video.... Great work 👍
Sir agar revenue from Operations pe sales figure dikhana hai
And purchase pe purchase figure dikhana hai f&o ka then sabse pehle Jo bataya f&o turnover which is absolute figure of profit and loss uska kya kam hai
Please batayiye
If I have filled ITR 1 before 31 July and I have received refund. But now I come to know that I can carry forward my options trading losses by filling ITR 3. can I fill ITR 3 as per old tax regime now?
HOW TO REPORT TURNOVER AND LOSS FROM INTRADAY TRADING IN ITR-3?
Very helpful and straight forward. Thankyou
Application of funds - Investments - equity, stock jo fill kiye holding vo overall ka dikhana h ya current year ka dikhana h isi saal jo bas kharida h? Answer please--
How to file ITR Delta exchange India fno trending video plz sir
I had loss in FnO in FY 2022-23, so filed ITR 3 for the first time in AY2023-24. After the loss was set off, a loss of 1,22,000 carried forward for adjustment in future assessment years. In the current financial year 2023-24 I didn't trade in FnO. I have a capital gain of 91,000 (both STCG and LTCG) from the sale of mutual fund. Kindly reply (i)whether I am required to file ITR 3 in AY2024-25 to set off FnO loss of previous year. (II)whether the carried forward FnO Losses can be set off against capital gains, if I file ITR 2, as I am no more trading FnO.
Capital Loss set off against Cap gain only
Sir if my income from business that is f&o is less than 1lakh, stcg 37k, ltcg 1k and stipend income 1.8 lakh. Should i need to maintain books of accounts as income from pgbp is minimal. Please share your answer . If so do i need to fill p&l account instead of no account cases in schedule p&l
What is the change of filing ITR3 Plz advise
Dear Sir,
I have to fill F&O loss of last 8 years, can i fill in current year ITR filing ? can you please help me ?
I have filed ITR-1 till date considering salary, now can i fill ITR-3 with last 8 year loss ?
Hi Sir
Could you please make vedio on how to make complete balance sheet for future and option, delivery stock and mutual funds intraday, investment in NPS, BONDS PPF etc...
how to add Bank Balance in Application of funds. the application of funds will never be equal to source of funds if we add Bank Balances.
Thanks ❤❤❤
Sale and purchase putting in itr for fno transaction not correct
Yes you are correct.
Dear Sandeep Ji,
I have the Total Sale value Rs 459914 and total purchase value Rs 478470, so actual loss in year is Rs 18556. However after applying ABS in all losses and profits, the yearly value is Rs 109027. Can you please confirm whether I have to make books of accounts.... P & L and B/S as per in act 44AA.
Kindly confirm and help
Do we need to fill form 10ie to opt for old regime in order to carry forward the losses to subsequent year. Or same can be carried forward in new regime.
Need a video on options sellers pov sir
Thanks for sharing helpful information 👍👌
Thanks
Salary person apna salary me se zerodha me paise dalta h future and option ke liye, propriter fund me wo dalna h kya ya or kuch
excellent explanation
fine
Sir kya hum khud se bhi ITR file kar sakte hai CA ki Jaroorat nahi padegi?
I have an F&O loss of 12.5L & turnover is around 58L, whether an audit is required for that or not. Please suggest. Thanks
Not
Not applicable
@@CAsandeepkumar thanks, but I have been told that "If presumptive taxation is opted in the past then tax audit is mandatory" Is that right?
Yes
Salary person jo fno intraday and stcg he unhe propriter funds kese calculate krna he
If u don't have the calculations. Use balancing figure
Where to turnover and loss in itr 3?
Apko turnover m absolute turnover show krni chaiye thi naa ki sale turnover
In case of options, the premium ie; sale value to be added to the turnover calculation.
Also this turnover should be mentioned as sales in ITR, profit being fixed, purchases will be the balancing figure.
What you have shown is wrong.
Absolutely right absolute turnover shown karna chaiye tha turnover pey ...jaise ye turnover dhikha raha h iss hisab se toh tax audit applicable ho jayega bnde pey
What happen if we do not fill ITR because my loss is 4500 only🕶️
Sir , In f&o profit kaise show kare
category of defect b/d getting error of this
Salary bhi balance sheet me aayegi kya
Is it necessary to maintain books of accounts in case of fno losses? Turnover is under the limit
Yes
Can ca in practice do fno in their individual capacity
Can we take Sec 44AD for F&O cases
Sir ji pichhle saal ka file kr sakte hai kya...
Sir, Two years back i made loss in F&O trading, i am not filed ITR. Must and Sould be file Itr even loss booked. Please suggest.
Not possible now
@CA Sandeep Kumar sir option buy aur option sell ka data ITR 3 me show karna hai ya sirf Dirrence turnover aur loss hi mention karna hai.. mera sirf option ka kam hai turnover 39 lakh hai..aur loss show kar ke carry forward karna hao aur option buy aur sell ka value to 22- 22 crore ho jaat hai to koi issue hoga nay sir ??? bcoz crores me hai buy aur sell ki value
Aapka question sahi hai main bhi yehi puch raha hu
Agar aapko answer mile then please batayiyega
Are bhai bada complicated hai yeh sab, even people who are professionals like CA and his associates gets confused.
Mera tax presumptive me file kar diya, CA saying if you show loss or profit less than 6% then audit is necessary. Par mera profit to 6% se kam hai , jabardasti zyada kyu dikhana hai.
Sir i did not file f & o losses of 15L from past 2 yr. Is there any way to file now?
I am a salaried person.. I've been filing regular ITRs.
How much turnover sir
Sir, my ITR-3 was under 44AD last year, and I did not carry forward my F&O losses. This year's loss is 12.5L and turnover is 55L. Whether it will be shown under 44AD or if it has to be audited. Please suggest.
No need for audit. File like how I have shown in video
My CA said either show 6% of turnover as profit or you have to get Audit . My turnover is 44Lakhs
@@arifbeg4822 thanks, my CA said the same thing but mine is in loss.
Sir main salary person ho mera f & o turnover 7.9 lakh hain our loss 1.9 lakh muzhe books of account maintain karna padega kya itr -3 bharta hu to balance sheet maintain karni padegi kya
Yes u have to maintain books of accounts but only for F&O transactions
Sir I am doing Trading from 3.5 years
And I had a loss of nearly 10 lakhs and I have not filed any ITR
is it mandatory to file the iTR even I am in loss??
And I am not doing any job now
I had done job for 1 year only
Soo please help me what to do ??
Yes it should be filed
@@CAsandeepkumar ok sir
How can I do it
can you help me out to fill my ITR of 3 years with carry forwarding my loss??
Complete capital loss
To balance sheet kaise banaye??
Balance sheet will be 0, 0
Hello Sir, Balance sheet full time traders k liye hai na only?
Yes
@@CAsandeepkumar what do youean full time trader ? Please elaborate. If turnover is 20lac, which section will be applicable? Please provide information
Sir itr3 me stcg loss ko dikha sakte hai ya nhi
Ya short term loss ko dikhaya hi nhi jata pls reply
Dikha sakte hai. Dikhana chaiye. Only then u will be able to carry it forward
@@CAsandeepkumar thankyou sir
U need to improve ur audio quality
We r under 44AB so it's compulsory to fill ITR?
Question is not very clear
@@CAsandeepkumar Maine 2 month trade kiya and loss 3500 hai bs , and mai ITR bharke claim nhi Lena chahta to mai ITR n bhari to koi problem?
Problem ye hai ki my father is a government officer aur baad me pata chala ki government officer ke relative option trading nhi kr skte , kya kru ! Meri capital bhi small use hui hai
How to calculate two different account
Please add the sub heads and show
@@CAsandeepkumar Sir I have losses in f&o and intraday. I don't have any other income Should I file 10-IEA form or not.
Sir pehle bata do kitna capital rhta hai to compulsory hai ITR bharna?
It's compulsory if u do stock market transactions
@@CAsandeepkumar What happen if we do not fill ITR?
What u charge for filing ITR for fno
Hello, contact details in description
@@CAsandeepkumar you can reply here I am doing job and I have loss from fno of 41 lacs
Wese to aap ko trading chod deni chahiye 🤣🤣🤣. Thanks for the video sir 🙏🙏
😀it's not my PL by the way 😁
❤❤❤❤❤🎉