Carrying forward losses from speculative income

If you have incurred losses from speculative income in FY 2022-23 and are filing under ITR-3, you have options for carrying them forward. These losses can be set off against profits for up to eight subsequent financial years. You are not restricted to setting them off only against the very next financial year's profits; you can choose to defer this against future profits if needed. To do this, you will need to manually adjust the figures to zero in the relevant BFLA schedule.