ITR Queries for Salary Income and Derivatives trading losses

ITR 2318 views 3 replies

 

Hi,

 

I need some help with filing tax returns for financial year Apr 2010 to Mar 2011.

I am a salaried person with salary income more than 10 Lacs. Got my form 16 from employer recently.

I also have losses in options trading (derivatives) in this financial year. I know that options trading is business income and losses incurred in that CANNOT be adjusted with salary income. However, these losses can be carried forward for a certain period of time, but it needs to be declared while filing the returns.

Will appreciate if the experts can respond to the following:

 

1) Which return form should I use to file my returns so that I can declare income from salary and also declare the options trading losses to be carried forwarded

 

2)I want to file the returns online. Of the returns form to be used (as per question 1), which section should I fill in the losses?



3) For how many years can I carry forward the options trading losses?



4) Can the income earned from savings accounts/fixed deposits interest be adjusted against the options trading losses?

 

Please let me know. 

 

Thanks

Replies (3)

Just to update the above query: The online forms to be used are available on incometaxindia site:  at https://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/PDF/ay2011-12/itr62Form1-9(New2011-12)_2.htm

you need to file ITR-4 as you have business income with salary otherwise ITR-1

for download the same, you can use below mentioned URL:

https://incometaxindiaefiling.gov.in/portal/downloads.do

Hi Harpreet,

Thanks for the prompt response.

Just wondering why can't I use ITR-2 form? (https://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/PDF/Ay2011-12/ITR-2.doc)

 

That also has a section "Losses of current year to be carried forward" in Part A no. 14.

and a CFL section called "Schedule CFL"

Let me know what do you think

 

Also, the losses in derivatives trading will be Short term losses, I suppose?

Thanks


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details