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How to submit ITR for old F&O losses

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Technical Bengali

21 Points Posted on 29 July 2025

Hi,

For 2021-2022 and so on till 2024-2025 I have filed ITR using form 1. I have f&o losses from 2021 to 2025. How can I claim those? I was trying cleartax and it is recommended itr-3 for this year but it is accepting only 2024-2025 losses. How can I claim the older prior losses?

Replies (3)

Quick Summary

If you have carried forward Futures & Options (F&O) losses from previous assessment years (2021-2023) and previously filed using ITR-1, you'll likely need to switch to ITR-3 to claim them. This involves adjusting the losses in your current year's return. However, be aware that there are deadlines for claiming past losses, and filing your tax return on time is crucial. For the current assessment year (2024-2025), you can claim losses by filing your return promptly.

Rama chary Rachakonda

Master in Accounts & high court Advocate

7021 Points Posted on 30 July 2025

For claiming prior losses (from 2021 to 2023):

Carried forward losses need to be adjusted in the current year's return if you are filing ITR-3.

You should verify if Form 1 allows carrying forward losses for those years.Typically, business losses are carried forward in ITR-3 for businesses.

If you have been filing ITR-1 (for individuals with salary income), you might not have reported business losses..

check with a tax professional or consult the Income tax dept. guidelines for specific on how to claim prior losses, especially if switching from ITR-1 to ITR-3.