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ITR for Futures and option

This query is : Resolved 
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(Querist)
03 August 2020 I have total taxable income less than 2.5 lac, but in last FY i had 5-6 transactions in share futures and incurred loss of around 4.0 lac rupees. I am not interested to carry forward the loss, Can i use ITR-2 to file return without indicating the loss?
Kindly suggest
Thanks in advance
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 August 2020 Yes, use ITR-2 to file return without indicating the loss.
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CA Raj Doshi

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CA Raj Doshi (Expert)
04 August 2020 Dear Rakesh ji 1. Check if Turnover (sum of profit /loss in absolute terms)crosses tax audit limit 2. Evaluate tax impact if notional profit offered under 44AD 3. There is nothing wrong in carrying forward a loss. When you will make profits in future from any business, the same will be adjusted again carry forward losses without you having to pay tax 4. Be open to getting a tax audit done. Regards CA. Raj Doshi R C D & Co. Chartered Accountants
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Rakesh

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Rakesh (Querist)
04 August 2020 Thank you Seetharaman Sir and Raj Sir for your reply
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