ITR filing for Intraday Loss

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This discussion addresses how to report intraday trading losses when filing ITR 3, particularly within the 'No Account Case' scenario. It clarifies that carrying forward losses requires specific declarations in Schedule Trading and is not compatible with the 'No Account Case'. For very small, accidental losses that won't be carried forward, filing as 'No Account Case' might be acceptable, especially if there's no other intraday or F&O activity to report.

Biswajit Das

Biswajit Das (Querist)

23 July 2024 I need to file ITR 3 with No Account Case. I have a loss in intraday trading. However, in Part A - P & L > No Account Case > Speculative Activity, it does not allow me to enter a negative value. How should I show my losses?"

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

23 July 2024 For carry forward intraday business losses you will have declare the details in sr. 12 a) & 12 b) in Schedule Trading.

Biswajit Das

Biswajit Das (Querist)

23 July 2024 Ok, If I filled details in in sr. 12 a) & 12 b) in Schedule Trading then books maintain mandatory? Actually I want to go throw No Account Case.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

23 July 2024 For carry forward of loss, No account Case is not possible.

Biswajit Das

Biswajit Das (Querist)

23 July 2024 Actually, I am not interested in intraday trading. By mistake, I sold one stock on the same day. The turnover and loss are both only 12 rupees. Will I face any issues if I ignore carry forward and file as 'No Account Case'?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

23 July 2024 Yes, No need to file ITR 3 in that case, if no intraday or F&O reporting.

Biswajit Das

Biswajit Das (Querist)

23 July 2024 I have a freelance income.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

23 July 2024 Ok. File ITR 3 , may be without the single transaction.

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