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Carry forward losses in intraday trading

ITR Filing 532 views 4 replies

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)

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

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

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.

Loss occurred in some financial year, immediate AY it should be reported for Carry Forward. Missed then not possible


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