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?
9 Replies
Deepali Mittal
(57 Points)
Replied 26 February 2023
I am going to continue my further study so i will have no income does carry forward losses makes sense?
SHIV KUMAR
(Co-Founder of Sublime Associates)
(255 Points)
Replied 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
Deepali Mittal
(57 Points)
Replied 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
Samarth Pachchigar
(68 Points)
Replied 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.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 26 February 2023
Income tax filing is mandatory since other income income is 4lacs which is above 2.5lacs
CA Raj Doshi
(Practising CA)
(8944 Points)
Replied 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.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 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
It is better to file instead of getting notice from IT department
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