#shorts # #Tax #Trading #F&O

Tax Return for F&O Trading

If you engage in Trading in Futures & Options, you will have to file details of your trading incomes in the head Profits & Gains from Business & Profession in your ITR as business receipts.

The Sales Turnover for F&O is calculated as the sum total of the absolute profit or loss on all of the trades.

As an example, if you made a loss of 35000 on one trade, and a profit of 15000 on another trade, your total sales turnover from F&O trading is 35000 + 15000 = 50000.

You would also be required to be audited by a Chartered Accountant if you have losses from F&O trading that you wish to carry forward for future set off from business profits in the next 8 years, or if your total turnover exceeds Rs. 5 crores or Rs. 10 crores (as per other applicable conditions).

You can claim brokerage, internet and telephone expenses, charges of the exchange, etc as F&O business expenses as well.
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A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services.

Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years.

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