Income tax return for F&O transactions

#1
I have done some futures transactions in fy 12-13 and incurred an overall loss.

When I tried to report it in my IT return for fy 12-13 (I have house rent, interest from securities etc as other income) to carry forward the loss for future years, the intermediary site through which I submit my return electronically stated that the F & O transactions needed to be audited (section 44 AB) as I was showing less than 8% profit.

I have about 25 transactions in the year and a small loss of about Rs 20K. It seems a total waste of time to have to have a tax audit for these numbers.

Can someone throw some light on how to file F&O transactions in IT return without going through the audit process?

Dip Mitra
 

comm4300

Well-Known Member
#2
I have done some futures transactions in fy 12-13 and incurred an overall loss.

When I tried to report it in my IT return for fy 12-13 (I have house rent, interest from securities etc as other income) to carry forward the loss for future years, the intermediary site through which I submit my return electronically stated that the F & O transactions needed to be audited (section 44 AB) as I was showing less than 8% profit.

I have about 25 transactions in the year and a small loss of about Rs 20K. It seems a total waste of time to have to have a tax audit for these numbers.

Can someone throw some light on how to file F&O transactions in IT return without going through the audit process?

Dip Mitra
yup, you need to get those transactions audited. Sadly there are not many CAs in this country who know a lot about F&O transactions.

Zerodha blog has detailed write up about this ....check it here...
 
#3
Re: Income tax return for Intrday /delevery transactions

Dear i am intraday trader in stock market. From 2009 to till i never submitted it return as i think i have each year loss. But my total transaction of year is more than 2 crore each year from 2009. So is their any requirement to submit any document to Incometax dept. I have no profit any year.
Before 1 month their is notice from Tax dept for "Non filing of Income tax return" from 2009. After consultaion from local consultant, I send repl of "Non taxable income fro 2009-2010,2010-2011,2011-2012.
On same website i read that for Intraday trader their is no requirement of to do Audit, which is required only for derevative trader.

From 2012 i am Senior Citizon.
Please help, any TAX AUDIT required if their is loss??
Is their panelty for 2009,2010,2011,2012?
please i am under very big tension ...pl guide me.
URGENT
 
#4
Re: Income tax return for Intrday /delevery transactions

Dear i am intraday trader in stock market. From 2009 to till i never submitted it return as i think i have each year loss. But my total transaction of year is more than 2 crore each year from 2009. So is their any requirement to submit any document to Incometax dept. I have no profit any year.
Before 1 month their is notice from Tax dept for "Non filing of Income tax return" from 2009. After consultaion from local consultant, I send repl of "Non taxable income fro 2009-2010,2010-2011,2011-2012.
On same website i read that for Intraday trader their is no requirement of to do Audit, which is required only for derevative trader.

From 2012 i am Senior Citizon.
Please help, any TAX AUDIT required if their is loss??
Is their panelty for 2009,2010,2011,2012?
please i am under very big tension ...pl guide me.
URGENT
Same in my case, my father is senior citizen & traded in 2009-10 got such notice. Anyone can help or share experience on such notice.
 

Similar threads

Intraday Higher Leverage

Save up to 90% in brokerage and get higher leverage for intraday trades.

Name:Phone:
Email:City:
State:
Are you a day trader?