URGENT: Query regarding loss return
This query is : Resolved
27 July 2009
i hav loss from daily sale - purchase of shares(Intraday Trading)..... now i want to file the loss return.....i dont hav any other income....which ITR Form should i use to file the return.....i thaught that it ll cover under speculative business loss....the total sale proceeds of shares does not exceed Rs. 40 Lac... so i dont need the audit
28 July 2009
do you have any transaction of F&O?
28 July 2009
U have to prepare the ITR4 and submit it.
Its better u take help of any CA for its preparation since any mistake would lead it to be classified as a Defective Return.
U can even mail me the info., if u so desire
Its better u take help of any CA for its preparation since any mistake would lead it to be classified as a Defective Return.
U can even mail me the info., if u so desire
28 July 2009
i never traded on F&O
02 August 2025
Here’s a quick guide for your situation regarding filing a loss return from intraday trading (which is considered **speculative business loss**) with no other income:
---
### Which ITR Form to Use?
* **ITR-4 (Sugam)** is generally used for presumptive business income but **not suitable for speculative business loss**.
* For **speculative business loss** from intraday trading, you should file using **ITR-3**.
* ITR-3 is for individuals/HUFs carrying on business or profession, including speculative business.
---
### Key Points:
1. **Intraday trading = Speculative business** as per income tax rules.
2. You can set off speculative loss **only against speculative gains**.
3. If you have no other income, you still must file ITR-3 declaring the loss.
4. Since turnover (total sales) is less than ₹1 crore, **audit is not mandatory**.
5. Maintain proper books/records for speculative transactions.
---
### Summary:
| Situation | Recommended ITR Form | Audit Required? |
| -------------------------- | -------------------- | ----------------------- |
| Intraday trading loss only | ITR-3 | No (if turnover < 1 Cr) |
---
**Note:** If you also trade in F\&O (Futures & Options), which is a non-speculative business, it is a different category and tax rules differ.
---
If you want, I can help you prepare a checklist or draft for the filing. Let me know!
---
### Which ITR Form to Use?
* **ITR-4 (Sugam)** is generally used for presumptive business income but **not suitable for speculative business loss**.
* For **speculative business loss** from intraday trading, you should file using **ITR-3**.
* ITR-3 is for individuals/HUFs carrying on business or profession, including speculative business.
---
### Key Points:
1. **Intraday trading = Speculative business** as per income tax rules.
2. You can set off speculative loss **only against speculative gains**.
3. If you have no other income, you still must file ITR-3 declaring the loss.
4. Since turnover (total sales) is less than ₹1 crore, **audit is not mandatory**.
5. Maintain proper books/records for speculative transactions.
---
### Summary:
| Situation | Recommended ITR Form | Audit Required? |
| -------------------------- | -------------------- | ----------------------- |
| Intraday trading loss only | ITR-3 | No (if turnover < 1 Cr) |
---
**Note:** If you also trade in F\&O (Futures & Options), which is a non-speculative business, it is a different category and tax rules differ.
---
If you want, I can help you prepare a checklist or draft for the filing. Let me know!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Payment for sale in March and Sale deed registration to be done in April
- Two pancard
- Transfer of MF
- SSY for 2 daughters
- REGARDING ITR OF TRUST
- Eligibility for filling NEW Form 121 from April 2026
- Treatment of TDS under Section 194-IA in case of cancelled property transaction
- E bike purchase can get input in GST
- Unable to file 3B monthly return
- Lifting and cross charges
- Multiple warehouse
- Accounting treatment of OCRPS
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
