Can avoid loss in share marketing trading in ITR

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This query is : Resolved

Quick Summary

This discussion addresses whether it's mandatory to declare share trading losses in an Income Tax Return (ITR), especially when it significantly reduces taxable income. The consensus is that while it's best practice to report actual net income, including losses, filing without declaring a loss might not cause immediate problems. However, accurately reporting all income and losses is generally recommended for full compliance.

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

22 June 2024 Sir, One of my client trade in share market (F&O) last year with LOSS
Is it mandatory to show that LOSS in ITR? or file as last year ITR
if we show that LOSS our ITR figure goes very down
please suggest
Regards
Vikas

Gokul Sharma

Gokul Sharma (Expert)

22 June 2024 Actual Net Income should be reported in ITR.

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VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

22 June 2024 share trading loss is Rs 116292 and income salary is Rs 134000 rental Rs 150000 and other source fd Rs 20700 saving interest Rs 2613 than the taxable income will be Rs 93408 only
if we will not consider LOSS it can be Rs 209700
please suggest should be consider LOSS or not????

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