Guidance sought on appropriate ITR for AY 2021-22

N V S Pawan Kumar (student) (112 Points)

07 December 2021  

Hello, 

Please guide me on which ITR to file for AY 2021-22 (FY 2020-21) in the following scenario:

Status of the tax payer: Resident, Individual with income from salary, Business and profession(futures trading) 

FY17-18 

           ITR-3 was filed and books of accounts was prepared. Incurred  loss from business and STCG/LTCG losses. The same were carried forward. 

FY18-19

           ITR-3 was filed and books of accounts was prepared. Brought forward Loss from business and STCG/LTCG losses were carried forward. 

FY19-20

            Due to COVID 19 restrictions ITR-1 was filed.

FY 20-21

              Gross Total Income > 50Lakhs (from salary)

             STCG ~ 25K

             LTC Loss ~ 2K

             Loss from F&O trading ~ 12K

Query: 

a. What is the state of the carried forward losses since ITR 1 was filed in FY 2019-20? 

b. Which ITR needs to be filed in FY 2020-21? 

 

Regards,

Pawan