Arti Jain & Co

20/07/2024

Question ask by many trader these days Where do we show the F&O losses and expenses in ITR3.

In ITR-3, F&O losses and expenses show in the following sections:

1. **Losses:**

* F&O losses are reported under the head "Income from Business or Profession" (PGBP).
* Within PGBP, you will select the relevant business code for F&O trading (usually 14013).
* Report the net loss from F&O transactions in the appropriate field.

2. **Expenses:**

* Expenses directly related to F&O trading can also be claimed under PGBP.
* Ensure the expenses are solely for F&O activities (e.g., brokerage, subscriptions to trading platforms, etc.).
* Maintain proper documentation to support your expense claims.

**Important Notes:**

* ITR-3 is the correct form if you are an individual or HUF who trades in F&O as a business activity. If you are filing under the presumptive taxation scheme, use ITR-4 instead.

* While F&O losses can be set off against other income sources (except salary).

I hope this helps!

19/07/2024

I've just reached 200 followers! Thank you for continuing support. I could never have made it without each and every one of you. 🙏🤗🎉

19/07/2024

Processing Time for Different ITR forms

ITR 1 & 4:

ITR refund processed within 20-45 days if there are no demands or refunds. If a TDS refund is claimed, processing may be delayed.

ITR 2 & 3:

Generally refund processed within 45-60 days.

16/06/2024

NPS Tax Benefits

👉Section 80CCD (1)
Save up to 10% of salary (Basic + DA) or Rs. 1.5 lakh.

👉Section 80CCD (1B)
Additional Rs. 50,000 deduction

16/06/2024

National Pension System (NPS):

•What is NPS?
It’s a voluntary retirement savings plan.

•Who can invest?
Open to all Indian citizens.

•Tax Benefits:
Claim deductions up to ₹2 lakhs.

•Returns:
Historically 9% to 12% annually.

24/02/2021