Another query on F&O if ITR 3 is being used. Turnover is clearly visible on Zerodha and multiple sources . We can use the turnover at the relevant place in ITR3 (Gross Receipts under Trading A/c section). Where do we enter the balancing figure so that Gross profit or loss for the year is correctly reflected in the cell meant for Gross Profit (this cell is auto calculated). As we already know the Gross Profit do we enter the balancing figure under the head “PURCHASES” ?
@San78 Can you.
Turnover reflecting in the report is only to determine if a tax audit is required or not.
You need to enter sell value of futures under Sale/Gross receipts of business.
Similarly enter the buy value of futures under Purchases.
Resulting figure will be Gross Profit.