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Well-Known Member
Is there any tax benefit on interest income from FDs, for an individual below 60 years or the benefit is for senior citizens only. Thanks
80TTB is a relatively new deduction, maybe came last year, but only for 60+ and max upto inr. 50K on FD interest income.
Nothing like this for ppl below that age limit.


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I file ITR3. I trade intraday,Short term trading, F&O. I have FD investment income, House rental income.
I made F&O loss but i come under non audit case but books need to be maintained case.
we need to enter the balancesheet details in the ITR3 for business.

1.Do we need to mention this FD investment as deposits under Application of Funds---Current assets, loans and advances---Loans and advances---Deposits, loans and advances to corporates and others ?

2.Do we need to mention House worth as fixed asset under Application of Funds---Fixed assets?

3.Do we need to mention advance amount that we received from tenant under Application of Funds---Current assets, loans and advances---Current liabilities and provisions-B.Liability for Leased Assets ?

4.And what should be the proprietors capital? Should it be my previous year's personal closing balance or the closing balance at my broker's account +funds i transferred to my broker account as proprietors capital?

5.In the books of accounts, do the FD investment ,rental income details need to be recorded value and sell value details that need to be entered in the P&L statement goes above 2cr since trading was done in futures.
My account does not come under audit case but Is there any issue since it goes above 2 cr in this buy and sell value because these values are calculated with futures contracts price?

Please help me in understanding this. thanks in advance
Last edited:


Well-Known Member
Hello Folks,

I have below sources of Income :

Capital Gains
Interest Income
Small income from F&O trading

During FY 2017-2018 I filled using Section 44AD ( 6%+ profits reported).

By mistake I filled 2018-2019 FY F&O profits under

"IF REGULAR BOOKS OF ACCOUNT OF BUSINESS OR PROFESSION ARE NOT MAINTAINED, furnish the following information for previous year .."

I have not selected any section here and have selected No for Audits.

Now while filing the returns for FY 2019-20 I realized I am out of Section 44AD since I missed last year, So I cannot use it now due to limit of 5yr by Income Tax rules.

What should I do now to show F&O trading profits :

Should I file under "IF REGULAR BOOKS OF ACCOUNT OF BUSINESS OR PROFESSION ARE NOT MAINTAINED, furnish the following information for previous year .."

My turnover is hardly 50K and profits are say just 4K in F&O trading


Well-Known Member
It appears ITR software is not updated to consider 31st Dec as the final day for submission. I am getting 5K as late penalty. Downloaded the latest version but still the same issue ! Anyone faced the same ?

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