Carry forward loss if we choose new regime

[curiousvi]

1. Until now I have had LTC loss, intraday trading loss as well as FNO trading loss - that is being carried forward - for the last 2 years - now if I choose new regime - can I still carry forward those losses and set off against future profits in futures years?
2. I am choosing presumptive income for the first time and it is asking me to enter business name - I did not have business name as I was trading from my individual account - so what should I put there?
3. I am submitting the tax return on tax dept site and it does not auto populate the TDS deducted - is there any trick to it ? last year it was auto populating - it is tedious to enter each entry manually
4. If I am choosing presumptive income I understand I am not required to maintain books but what about expenses I incurred to earn my FNO trading - expenses include computer purchase + electric/internet and other bills + I have assigned a room in my house for such trading + I have paid my relative for his help in trading (paid cash - not via bank transfer or checks) - can I deduct all these expenses against net profit as long as after expenses net profit is still more than 6%?
   5.Since I am choosing presumptive income - I have no clue how to enter intraday loss of about 60k - should I enter in Tab 12a & 12b of Schedule Trading.?

[Surbhi_Pal]

Hey @curiousvi,

I’d be happy to answer your queries. Please post them in this thread.

[garg.pulkit131]

Hey @curiousvi

Here are the answers to your above queries:

1. Yes, you can carry forward such losses irrespective of the regime that is being followed.
2. You can enter your own name in the “Business Name” column
3. Generally, the TDS details are auto-populated on Department portal. However, if the details are not being auto-populated correctly you would need to manually enter/edit them.
4. In case if you are opting for Presumptive Taxation, then you are supposed to disclose only the “Gross receipts” and the deemed income (provided the same is more than equal to 6/8% of Gross receipts), there is no requirement to provide line by line detail of each expense incurred.
5. Intraday is considered as Speculative Activity and thus the same needs to be disclosed in the separate speculative section provided in ITR (Point-65 of Schedule PL for ITR-3 AY: 2024-25).

Hope this clarifies! Let me know if any doubt still remains.

You can also reach out to me on instagram @fintaxsnippets

[curiousvi]

So are you playing games?

[Surbhi_Pal]

Hey @curiousvi,

@curiousvi

Is there any way I can see what details tax dept has about my FNO trading turnover - are brokers mandated to submit this info to income tax dept?

As of now, all transactions shown in the AIS are available to the IT dept.

@curiousvi

• TDS details are not auto-populated in my case - so is there any trick I can use?

Ideally should get auto-populated, if it not fetched, you’ll have to add it manually.

@curiousvi

In presumptive taxation - here is my confusion - I have done FNO trading through online broker - in broker’s back office section - I see total options premium and from that deduction of sebi charges + STT + stamp duty + exchange transaction charges + IGST + IPF charges - after all these expenses/deduction - it shows net total/net MTM - so this MTM is my net profit/income I should show in presumptive income? What about other expenses incurred - for example computer purchase + electric/internet etc bills + paid to a relative in cash for his help in online trading – those expenses I have not made any account - so I can not deduct those expenses from the net premium shown in back office?

Your broker must be providing a tax P&L statement. That would contain all the details needed, for example the Turnover (calculated as a sum total of absolute P&L ), Gross Profit, etc. Moreover, you can deduct the expenses and report the net profits. But remember, the net profits cannot be less than 6% of the total trunover.