Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

Carry forward losses in intraday trading

pramesh (software engineer ) (23 Points)

14 July 2018

I am salaried employee and last year ( 2016-17) I forgot to carry forward my intraday trading loss around 1 lac.

Q1: Can i carry forward loss previous losses in this year(2017-18) ITR.

Q2: Can i adjust carry forwarded loss with my part time earning (I am doing part time technical(IT field) work from where i am getting some money. I know we can't adjust salary with loss but can we adjust against part time earning)

Q3. Can intraday loss be adjusted with part time earning if loss carry forwarded. ?

Thanks in advance

Reply
Follow
Share

4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195787 Points)
Replied 14 July 2018

No in both cases, as you have missed to carry forward the losses...... means the advantage lost...

pramesh (software engineer ) (23 Points)
Replied 14 July 2018

Thanks for reply. If i would have carry forwarded the loss then will i be able to adjust it against part time money. ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195787 Points)
Replied 14 July 2018

No.

Under Section 73, Income Losses in speculative businesses can be carried forward up to 4 years immediately succeeding the Assessment year in which it has incurred.

An Assessee must file the Income Tax Return within due date prescribed to carry forward the losses from speculative Business and can be adjusted only against income from speculation Business.