Confused about ITR 3 - no account case - FNO turnover

Taxation
1

For speculative turnover it is easy - absolute sum of negative and positive values and that amount we mention in Speculative activity turnover.
But I am confused about Business activity turnover (Option selling business) - it says Gross receipts - if we go by that word - gross receipts - it means total premium we collected? - but @Quicko suggest turnover for FNO is same as absolute sum or positive and negative values -

So that absolute sum we add as GROSS Receipts and it is same as turnover so basically Turnover is gross receipts we mention in 64(i)(a) @Quicko @TAXIQ.IN @Jason_Castelino

2

Hey @curiousvi,

If you’re going with the no-accounts case, you can report the total sale value under ‘gross receipts’.

1 Like
3

I could do that but have another question …same heading - I had intraday trading loss - (speculative activity) when I am trying to add ‘-’ negative mark before the loss amount - system does not allow me to enter negative value(loss)
so how do I report loss ? Is anything changed this year?
Last year I reported no account case - and still could report intraday trading loss in negative value under speculative activity - this year it does not allow me to …
amount is not big but I still want to report it so like previous year I can see it is carried forward.
This year I have prepared return as per new tax regime - does it have to do anything about system not allowing me report intraday trading loss?

I also want to confirm - even if I file under new tax regime this year - what will happen to my losses reported in earlier years? I read that the benefit of carry forward losses shall not be available u/s 115BAC. Therefore, the brought forward losses shall lapse on opting for section 115BAC. - is this true for long term loss as well as speculative loss - or it only applies to house related loss?

This is the website I read about lapse of brought forward losses
Section 115BAC: New Optional Income Tax Regime for Individual/HUF in India- Taxwink.

https://www.taxbuddy.com/blog/section-115bac-new-tax-regime-under-the-income-tax-act#:~:text=No%20Carry%20Forward%20of%20Losses%3A%20In%20FY%202023–2024%2C,year%20between%20the%20old%20and%20new%20tax%20regimes.

@Jason_Castelino @TAXIQ.IN @Bhuvan @rupeshmandal @VijayNair @Quicko @Sakshi_Shah @Meher_Smaran

4

Hey @curiousvi,

You’ll be able to report the losses. This might be a glitch in the Income Tax Utility and you can try after deleting the entire business under speculative activity and adding the details again.

5

Thanks - just want to confirm - - if I file under new tax regime this year - what will happen to my losses reported in earlier years? specifically I have long term losses which I would like to offset and also have some intraday trading losses which I am carrying forward. I read that the benefit of carry forward losses shall not be available u/s 115BAC. Therefore, the brought forward losses shall lapse on opting for section 115BAC. - is this true for long term loss as well as speculative loss - or it only applies to house related loss?

6

Hey @curiousvi,

Changing regimes will have no effect on your brought-forward business and capital losses. Only in case of house property losses, there are some restrictions.

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7

Thanks for QUICK responses - it matches your user ID

8

You said changing regimes will have no effect on brought forward business or LTCG or STCG - LTCG and STCG is clear but

option selling income/loss is considered business and can it be brought forward to set off in futures year and can it be set off against another income like STCG/LTCG ?

What about intraday trading loss - under new tax regime can it be carried forward and set off in future years - up to 4 years ? I know it can not be set off against any other income.