Filing itr in ay 23-24

This discussion addresses whether filing an Income Tax Return (ITR) for AY 23-24 is mandatory when you have other income of 4 lakh and a business loss of 7 lakh from options trading. While your total income might exceed the threshold, the key consideration is whether you need to file to carry forward losses. If you don't anticipate future non-speculative income, filing might not be strictly necessary. However, it's generally advisable to file to avail the benefit of carrying forward losses for up to eight years, as circumstances can change and you might wish to offset future business profits.