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Income tax

249 views 4 replies

Gajender Singh

Accounatant

39 Points Joined September 2010

my early income from salary is 8 lacs and i am also doing share trading and having loss 2.5 lacs in a year.

I am confused which ITR I have to file and how much tax I have to pay can I show my losses in income tax return.

Replies (4)

Sahil Jain (FAFD, DISA, CA)

Practicing Chartered Accountant

2481 Points Joined June 2013

ITR-2 can be filed.
Your employer must have deducted TDS while making salary payment.
Since you have share trading losses, you can claim excess TDS above your tax liability as refund

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

ITR 3 is suitable for the above said query.

Kamini Sheth

owner

311 Points Joined January 2018

How can share trading income be shown in ITR 2?

If shown as other income then how loss can be carried forwarded?

Sahil Jain (FAFD, DISA, CA)

Practicing Chartered Accountant

2481 Points Joined June 2013

in ITR-2 he can disclose it under capital gains, provided he treats the same as investment because he is salary earning person.
However if he wishes to show it as a business income, then he can file ITR-3