I have lossof 425825 in fno and not any type of gain. I want to carry forward looses whitch itr form ihave to choose?
How can i submit itr ?
Since youâve income F&O trading (even though loss), you will be required to file ITR 3 as F&O is a non-speculative business income.
Hereâs how you can Prepare your Income Tax Return : Help Center and E-File your ITR : Help Center on Quicko.
If you want an expert assistance, you can book a MEET.
As per the law, you cannot choose to not carry forward losses. If you have trading losses in FY 2022-23 you must file ITR 3 and fill the schedule CFL in your ITR to set off and carry forward losses to the subsequent years.
I incurred loss of 8,00,000 in F& O in FY 21-22 and a profit of 480000 in FY22-23 I dont want to set off this loss in FY22-23 since i am tax excempt (under 5,00,000), will I be able to setoff this loss agint profit in upcoming FYs i.e 23-24 onwardsâŚ
You cannot choose to not set off losses of the previous year with the current year as per the law.
Hi,
I am a slaried employee
For FY 21-22 I have losses in options trading so filed ITR3 for carry forward
for FY 22-23 I didnât traded (zero trades)
The question is can file ITR1 now for salary only and can set off FY 21-22 losses in future?
or should i file ITR 3 even there is no trading?
Hi @naidu111
You can file ITR 1 as there is no business income for FY 2022-23. However, since you had reported FY 2021-22 losses, you will be able to set off and carry them forward to the future years. But remember to add them manually when you file your ITR for future years.
Hope this helps.
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I made LTCG loss in AY-2019-20 and reported in ITR before due date.
I made STCG & LTCG loss in AY-2000-21 and reported in ITR-2 before due date but did not carry forward the previous year loss. Subsequent 2 years I did not have any capital gains/loss hence I filed only ITR-1. This AY 23-24, I have STCG and LTCG gains. Can I carry forward my loss from AY-2019-20 & AY 2000-21 and offset with CG gains I made this year while filing ITR-2?
Yes, you can definitely carry forward the brought forward losses in the current year, provided you had reported them in the previous years.
Hope this clarifies.
Last year I filed ITR 3 and I had carried forward losses(from equity) from previous years as well⌠This year I did not do any transactions and I am eligible for filing ITR 1. If I file ITR 1 now and in future if I go ahead with ITR 3, can I still claim carry forward losses from previous years ?
Yes, remember to set off the previous losses (if you had reported them in the ITR) in the future when you file ITR 3.
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Hi Shrutika , Need some critical help.
My F&O Turnover ( Non - speculative Business ) ( in 64 ii a 1 ) in FY 22-23 was 760609 /-. Loss ( in 64 b ) was 49388 . Expenses ( charges ) ( in 64 c ) was 36694/- .
However , while inputting the data in ITR 3 in 64 c , expenses are not being accepted with following notification - Error : in order to claim expenses , Gross Profit must be greater than 0 in schedule Profit & Loss Account
Hi @T_R
Hereâs how you can Import Trades from Multiple Brokers : Help Center on Quicko.
For any other expert assistance, you can Ask an Expert.
Hi @Shrutika_Shah , could you please help me with my query below?
I have incurred a loss in F&O during FY21-22, and I have set off a portion of it in the same year. The remaining amount is brought forward to this year, FY22-23. However, in Quicko, Iâm unable to set off this loss against the profit I gained from Bank Interest in this FY.
Shouldnât it be possible to set off the loss against the bank interest as well? Quicko only suggests carrying forward the loss to the next year. However, I would like to set off a part of the loss and carry forward the remaining amount to the next FY.
Unfortunately, Iâm not able to do this in Quicko. It simply does not set off the loss. Would highly appreciate if you could help me with this.
Hi @Vamshi_TG
As per the law, non-speculative business (F&O) can be set off against all incomes except salary in the same year. When it is carried forward, it can only be adjusted against business income.
Hence, youâre unable to set off the same on Quicko and it is being carried forward.
Hope this clarifies.
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In FY 23 I have some SCTL (25k) in 2023 and LTCG (2L). I want to offset my SCTL vs LTCG. But when I am filing ITR3 it is not giving any option to offest that. By default it is carrying forward the SCTL to next year. How can we offset it with current year?
- I have LTCL from previous years (carried forward) of INR 9L
- For this assessment year, I have LTCG of INR 4.5L, STCL of INR 1.6L, Business loss of INR 3.1L
How would loss set off and subsequently carried forward losses would look like?
A. Current year LTCG of 4.5L set off by brought forward LTCL 9L (which remaining 4.5L LTCL carried forward) and STCL of 1.6L and Business Loss of INR 3.1L being carried forward
OR
B. Current year LTCG of 4.5L set off by this yearâs STCL of 1.6L and Business Loss of 3.1L (only 2.9L being used and remaining 0.2L carried forward as Business Loss) and brought forward LTCL of 9L (from previous years) carried forward as it is?
Thanks a lot.
Hi @A_B
Your current year STCL & non-speculative business loss will be first set off against the current yearâs LTCG and the remaining will be used to set off the previous yearâs losses and if still the loss remains, it will be carried forward.
So, your understanding of B is correct.
Your STCL and LTCG of the same year should be set off on Quicko.
If youâre facing any issues, please Submit a ticket : Help Center
Got it, thanks a lot @Shrutika_Shah. Appreciate the quick response and nuance!
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