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
7 Replies
Amit Kumar
(ACCOUNTANT)
(28 Points)
Replied 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.)
(193936 Points)
Replied 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)
(58275 Points)
Replied 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)
Replied 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
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
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 23 February 2023
If you don't file ITR then 4lacs may considered as basis for issuing notice by IT department
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