Dear Sir, In FY 18-19, i had FnO(future and options) trading TO was 3.68 crores and total P/L is 10.35 lakhs(loss). So i have calculated the above as per the annual statement given by my brokerage firm. Trading was my sole biz last FY and I have already considered all my expenses in to the above loss. I would like to know what other details required from my trading of last FY to fill up the ITR 3. What are the columns in ITR 3 needs to be filled. Kindly advise.
I just want to know which part of form ITR 3 needs to be updated and what are the other details required from trading statement for fillinf up the details in ITR 3
Hello,
Since your turnover exceeds Rs. 2.0 Cr, you are required to get your accounts audited from a Chartered Accountant.
If you file ITR-3 without tax audit, notice from the department might be received.
For the tax audit, you can contact us directly.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
Sir but apart from audit what details reuqired to fill up ITR 3...coz it will be shown as biz so any other relevant data required from the trading annual statement
ITR-3 is one of the longest forms. It requires various schedules to be filled.
Since you have only this business income, you need to fill Business head income( BP), Balance Sheet, Trading Account, Profit and Loss Account, Quantitative Details, Depreciation (If claimed), Deductions Chapter VI-A, Tax paid, TDS, etc.
You need to check which schedules are applicable to you and fill the requisite data in it.
Hi,
- In your case, relevant schedule is BP for which Balance sheet and P&L needs to filled. ITR-3 is a lengthy form. If you have income from only F&O then balance sheet and P&L needs to be filled. The other schedules are Income from other sources, schedule VI-A, carry forward of losses etc. Broker annual trading statement is sufficient.
Thanks
Hi,
Apart from P&L, you will have to fill up balance sheet as well.
balance sheet will require details like cash, bank balance, debtors, creditors, loan, capital etc as on 31 March 2019.
Sir you just need to fill total turnover and expenses with regard to such trading. Also you would be required to file Balance sheet which will include amount outstanding in your name in the account of the broker.
Also I would suggest you to hire a CA and recalculate as i feel you wont be required to get your accounts audited and your total turnover would be below 2 crore as there is different method to calculate turnover in case of F&O transaction.
If you need I can assist you.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Dear Sir,
Hope you are doing well !!
You need to fill the details of turnover and related expenses.
The turnover would be determined as follows:-
Also, you need to fill the details in balance sheet subject to certain conditions.
It is advisable to take the help of any of the experts for the same.
Further, it is a lengthy form.
You need to fill all the details carefully.
We may help you in filing ITR 3.