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.
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Carry forward losses under new tax regime
Replies (8)
In new tax regime carry forward is not allowed
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.
2. There is no change in carry forward of losses under new tax regime. it is same as old one.
you can carry forward.
Sorry for the wrong answer. I was wrong in answering the second question.
As carry forward is not allowed
As carry forward is not allowed
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.
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