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Option trading itr

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Deepali Mittal

57 Points Posted on 23 February 2023

if I do not want to continue option trading from the coming year,
do i need to file itr to carry forward my losses
I have loss of about 7 lakh in option trading
income from. other sources is 3 lakh

Replies (7)

Quick Summary

If you've incurred losses from option trading and wish to carry them forward to future tax years, filing your Income Tax Return (ITR) on time is crucial. Even if your total income, after setting off losses, appears negative, you must still file your ITR to claim these losses. Failing to file means you forfeit the ability to carry forward your losses, and your other income could be subject to scrutiny by the tax department.

Amit Kumar

ACCOUNTANT

28 Points Posted on 23 February 2023

Yes if you want carry fwd your losses you need to file ITR timely. timebar returns disallow all losses.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212441 Points Posted on 23 February 2023

If you are not liable to file ITR u/s. 139 of IT act, no need to file it to carry forward losses..

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 23 February 2023

If the total income exceeds 2.5lacs then tax filing is mandatory unless you are a senior citizen or super senior citizen

Deepali Mittal

57 Points Posted on 23 February 2023

Losses from f&o trading are 7 lakh
income from other sources 4 lakh
and that's it
we can setoff these losses from other source income which makes total income negative
is it how we check itr criteria or just that incone from other source is 4 lakh so we need to file itr