Carry forward losses in intraday trading

ITR 397 views 4 replies

pramesh

software engineer

23 Points Joined 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

Replies (4)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

198438 Points Joined July 2016

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

pramesh

software engineer

23 Points Joined 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.

198438 Points Joined July 2016

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.