Carry forward losses under new tax regime

Sorry for the wrong answer. I was wrong in answering the second question.

Well dont know why my Tax Software (Spectrum) is allowing set off of my Carried Forward Losses of Short Term Loss on Sale of Equity Shares for FY 17-2018 and 18-19 and 19-20 in my FY 2021-2022, even thought i had opted for New Regime for FY 20-21 (professional income) and continue to opt for new regime in FY 21-22

1. If Mr. X has no trading activity in the current year and only has salary income, he will not be required to fill in the details in the Books of Accounts in the ITR-3 form. The section related to the Books of Accounts will not be applicable in this case.

2. If Mr. X chooses to opt for the new tax regime, the carried forward losses from previous years, including losses from F&O trading and speculative losses, will not be allowed to be set off against the current year's salary income. Under the new tax regime, there is no provision for carrying forward and setting off such losses. The losses from previous years will effectively lapse and cannot be carried forward for future years' set off.

To learn more about Carry Forward click here
For more detailed information, visit Swipe Blog.

"Sorry, I am not a featured member."

For featured members contact....

https://www.caclubindia.com/catalogue/featured.asp