Comment on Tradetax for income tax returns when trading
commented on
11 Jan 2021, 01:46 PM
My F&O loss is Rs.7,00,000
Consisting of Positive settlements of Rs.15,00,000/- and Negative settlements of Rs.22,00,000/- and Turnover as per F&O calculations is Rs.2,95,00,000/-
Whether my case is Tax audit or not?
In ITR 3 , which turnover should report i.e. Positive settlements of Rs.15,00,000/- or Turnover as per F&O calculations is Rs.2,95,00,000/-
If I report Positive settlements of Rs.15,00,000/- as turnover in ITR 3 than what is the use of Calculation of turnover as per F&O calculations, is it only deciding factor of Tax audit?
If I report turnover of Rs.2,95,00,000/-.as per F&O calculations in ITR 3 than how I arrive my Net loss of Rs.7,00,000/-? shall I put balance figure as purchases.