Tax liability on FnO


#1

I am salaried person. Have turnover less than 20lakhs. I have 25k loss in FnO but got 20 k profit in cash trades. Can I fill ITR1 what are chances of getting caught if not filed itr3.


#2

In ITR1, you can’t show any capital gains (market related transactions). So chances are quite high to get automated notice as IT department will have stock market transactions on your PAN.

It isn’t that tough, check this out