Thread by @OptionsExpert_

How to file ITR for F&O trading for FY 2022-23

The last date to file is 31 July

Let's start.

Which ITR you have to select;
ITR 3

So up to 2 cr Turnover you can file ITR under Section 44AD (Presumptive Income)
So the main question how to calculate turnover

So the agreegate of Profit and loss is your Turnover

Example
Banknifty 42200 ce you have profit of 12000
And in banknifty 45000 pe you have loss of 3000
So your Turnover will be 15000

You can download the file and calculate this is in excel easily.

Now if you have more than 6% profit (of turnover) you are eligible to file under section 44AD upto 2 crore turnover. In section 44AD you don't need to maintain the books of account.

Just select section 44AD in your ITR and fill the details in Presumptive Income section

Add sundry debtors/ creditors / cash balance also.

For any speculative income (intraday trading) there is separate section for that also. You can fill if you have any

And also fill your capital gain for LTCG Or STCG separately and match it with AIS also.

Now what to do If your profit % is less than 6%
You have to do audit with your CA or else you can file ITR without selecting section 44AD.
But in that case you have to maintain books of account.
You don't need any audit till your Turnover is 10 cr.

You can also disclose your other income like Salary, interest , dividend etc in the same ITR it self.
Consult your CA before taking any action

#incomeTax #stocks #ITR

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