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Filing itr in ay 23-24

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57 Points Posted on 26 February 2023
if I have income from other source is 4 lakh
and loss from. non speculative business(option trading) is 7 lakh
is itr filing mandatory?
because I want to leave option trading so carry forward of losses does not make a point
should I file itr just to carry forward the loss?
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On 26 February 2023 at 16:43 Report
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Profession Business
28202 Points Posted on 26 February 2023
Yes you must carry forward .
44 Reply
On 26 February 2023 at 17:10
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57 Points Posted on 26 February 2023
I am going to continue my further study so i will have no income does carry forward losses makes sense?
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On 26 February 2023 at 17:27
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Co-Founder of Sublime Associates
256 Points Posted on 26 February 2023
Any unadjusted loss can be carried forward for eight years. However, in the future, they can only be adjusted from non-speculative income. F&O trading loss is considered a non-speculative loss
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On 26 February 2023 at 17:40
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57 Points Posted on 26 February 2023
Exactly which us why I am asking is itr filing mandatory for me because in future I will have no non speculative income or loss
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On 26 February 2023 at 17:54
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68 Points Posted on 26 February 2023
If in future you expect that you won't have any income from non speculative business than to file an ITR won't be necessary however if you expect that you'll have any income from non speculative business than in order to claim setoff at that time you must file ITR u/s 139(1) on due date to carry forward.
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On 26 February 2023 at 18:03
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57 Points Posted on 26 February 2023
Ok thank you so much
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On 26 February 2023 at 18:05
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CFO- at NHTF
58280 Points Posted on 26 February 2023
Income tax filing is mandatory since other income income is 4lacs which is above 2.5lacs
59 Reply
On 26 February 2023 at 18:34
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Practising CA
8954 Points Posted on 26 February 2023
Irrespective of what you decide today i.e leaving or continuing options trading, you should avail the benefit of carry forward of loss by filing ITR. If circumstances change in future and you might start any other profitable business. So atleast you can adjust the profits with brought forward losses.
30 Reply
On 26 February 2023 at 18:36
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CFO- at NHTF
58280 Points Posted on 03 March 2023
You can plan to file ITR . You may also take the consultancy from professionals like CAs and tax consultants.

It is better to file instead of getting notice from IT department
59 Reply
On 03 March 2023 at 08:07


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