# F&O Loss in FY 2023-24

**URL:** https://tradingqna.com/t/f-o-loss-in-fy-2023-24/170395
**Category:** F&O
**Created:** [July 21, 2024, 2:24am UTC](https://tradingqna.com/t/f-o-loss-in-fy-2023-24/170395 "2024-07-21T02:24:39Z")
**Posts on this page:** 5
**Page:** 1

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### Author: ![Nmahajan81](https://tradingqna.com/letter_avatar_proxy/v4/letter/n/48db29/32.png) [@Nmahajan81](https://tradingqna.com/u/Nmahajan81)
#### Post date: [July 21, 2024, 2:24am UTC](https://tradingqna.com/t/f-o-loss-in-fy-2023-24/170395/1 "2024-07-21T02:24:39Z")

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I have stcg on equity shares 150000/- , F&O Loss -60000/- and Other Income 220000/- in FY 2023-24  
I don’t want to opt Presumptive taxation scheme and want to set off my f & o loss with other heads of income. Can I file ITR 3 without Tax Audit ? Pls suggest … 🙏

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### Author: ![Nmahajan81](https://tradingqna.com/letter_avatar_proxy/v4/letter/n/48db29/32.png) [@Nmahajan81](https://tradingqna.com/u/Nmahajan81)
#### Post date: [July 21, 2024, 6:09am UTC](https://tradingqna.com/t/f-o-loss-in-fy-2023-24/170395/2 "2024-07-21T06:09:14Z")

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In FY 2022-23 my total income was 375000/-

Suggest pls … 🙏

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### Author: ![ron94](https://tradingqna.com/user_avatar/tradingqna.com/ron94/32/16867_2.png) [@ron94](https://tradingqna.com/u/ron94)
#### Post date: [July 21, 2024, 9:43am UTC](https://tradingqna.com/t/f-o-loss-in-fy-2023-24/170395/3 "2024-07-21T09:43:05Z")

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Tax audit is only required if your turnover from F&O and intraday is over rs 10 crore.  
For intraday, turnover is calculated by taking the sum of the absolute value of the realized profit from each trade.  
[Trading Turnover Calculation for Trading Income - Learn by Quicko](https://learn.quicko.com/trading-turnover-calculation-trading-income)

It is very difficult to go above this 10 crore turnover limit even if one tries really hard.

> **[Section 44AB: Tax Audit under Income Tax Act - Learn by Quicko](https://learn.quicko.com/section-44ab-tax-audit-income-tax)**
>
> Read about provisions of Tax Audit under Section 44AB of Income Tax Act. Check when Tax Audit is applicable to a business or profession.

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### Author: ![Chirag1](https://tradingqna.com/letter_avatar_proxy/v4/letter/c/439d5e/32.png) [@Chirag1](https://tradingqna.com/u/Chirag1)
#### Post date: [July 21, 2024, 10:27am UTC](https://tradingqna.com/t/f-o-loss-in-fy-2023-24/170395/4 "2024-07-21T10:27:48Z")

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Audit is not reqd if you dont exceed the Turnover limit of 10Cr

Since F&O is non-speculative Business income, ITR-3 + Account case without Audit will suffice.  
So 44AA=yes, and No for this section 44AE/44B/44BB/44AD/44ADA/44BBA.

You need to make Balance Sheet, Trading Ac, PnL A/c minimum. This you consider only the F&O related cost+loss (however, you can add business expenses if you want related to it and assets if any, depreciation if any though not required for set-off)

F&O loss of 60K can be set-off with stcg/other income in Curr year so net is (1.5L + 2.2L - 60k)  
Nature of business code of 09028 can be selected.

Consult CA, i’m not one.

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### Author: ![Nmahajan81](https://tradingqna.com/letter_avatar_proxy/v4/letter/n/48db29/32.png) [@Nmahajan81](https://tradingqna.com/u/Nmahajan81)
#### Post date: [July 21, 2024, 12:42pm UTC](https://tradingqna.com/t/f-o-loss-in-fy-2023-24/170395/5 "2024-07-21T12:42:31Z")

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Thanks Bro … 👍💛