I am a salaried person and F&O losses in share market (salary-6 lac, turnover-40 lac, loss-5000). I do not want to carry forward losses then can i file ITR-1?
You will have to file ITR-3 since you have traded F&O, which is considered as Non-Speculative business.
Also, you are liable to get your books audited as:
(1) Income > Basic exemption limit of 2.5 lks
(2) Incurred a loss on F&O turnover.
Alternatively, you can opt for presumptive scheme u/s 44AD and declare 6% of 40 lks = 2.4 lks as profit to avoid tax audit.
Hope this helps.
Feel free to reach out for further queries.