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Carry forward losses under new tax regime

Himanshu Agarwal (Proprietor) (137 Points)

20 October 2021  
Dear All,

If Mr X is having a carry forward of Losses from F and O trading ,speculative losses in PY.

This year there is no trading and only salary income:

1 .Will he need to fills details in Books of Accounts maintained or not maintained(ITR3)

2.Further if Opt for NEW TAX REGIME, will the PY losses would be lapsed or it would be allowed to be carry forward in future years.

 5 Replies

Sourav (Student) (23897 Points)
Replied 20 October 2021

In new tax regime carry forward is not allowed

Sivaramaraju G (Learner) (2350 Points)
Replied 21 October 2021

1. Books will be maintained only if there is business/trading. hence in your case there is no business has done so in your case no need to fill.

2. There is no change in carry forward of losses under new tax regime. it is same as old one.
you can carry forward.

Sivaramaraju G (Learner) (2350 Points)
Replied 21 October 2021

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

Sourav (Student) (23897 Points)
Replied 02 November 2021

As carry forward is not allowed

Sourav (Student) (23897 Points)
Replied 02 November 2021

As carry forward is not allowed

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