Which ITR to file, If don't want to CFL

Income Tax
1

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?

2

Hey @Ramesh

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.
Cheers!!

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