Is it important to show Losses from Intraday F&O and mutual fund sell and purchase ?

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This query is : Resolved

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This discussion explores whether it's crucial to declare losses from intraday F&O trading and mutual fund sales and purchases, even if total tax liability is zero after deductions. The consensus leans towards filing an ITR 3 to proactively address potential queries from the Income Tax Department (ITD).

helloayav

helloayav (Querist)

02 July 2023 my total tax liability is 0 after 80c deductions

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

02 July 2023 Advisable to declare the losses by filing ITR 3, otherwise query from ITD may be raised.

helloayav

helloayav (Querist)

02 July 2023 should i File
ITR 3 then as i am salaried person but have loss <10k

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

02 July 2023 No problem. Declare business loss under head PGBP. It may get adjusted against any other income like IFOS.

helloayav

helloayav (Querist)

04 July 2023 Okay so with your suggestion I can declare my trading loss in ITR 1 right and it should be okay? and in the same way i got loss of 500 on selling of mutual fund of capital 3000. should i include that as well in that ITR 1 under IFOS loss

helloayav

helloayav (Querist)

04 July 2023 I am little confused . should i go with ITR 1 . I wont have any problem in getting return?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

04 July 2023 You cannot declare the shares & MF transactions in ITR 1. You need to file ITR 3.

helloayav

helloayav (Querist)

08 July 2023 my intraday turnover is
intraday
turnover three hundred
net profit -one eighty
options
total turnover 18k + 1.7 lakh(sell value)
profit one thirty rupees
expense 6.5k
net profit -6.4k

do you think i should file itr 3? can i skip itr 3 and fill itr 1 as i am salaried employee?

helloayav

helloayav (Querist)

08 July 2023 and theere is transaction of mutual fund of 2.5k but not of trading in AIS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

08 July 2023 In such case you may file ITR 2 with capital Gain of MF under Capital Gain, and the shares transaction may be declared under IFOS, without claiming any expenses.

helloayav

helloayav (Querist)

08 July 2023 can i declare mutual fund loss and trading loss in ITR 1 with IFOS?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

08 July 2023 No. Under head IFOS losses are not acceptable.

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