Regarding speculation loss

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2017 Hi i m salaried employee and in fy 16-17 i have incurred loss short term speculation loss in intra day trading in big amount. As i have heard that loss can be carried forward i 8 yrs. Can i carry forward the above speculation loss, if yes then which ITR should be filled?
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
29 July 2017 Loss from speculation business can be carried forward only upto a maximum of 4 years and not 8 years
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
29 July 2017 You can't carry forward speculation losses after 4 A.Y. For claiming setoff of such loss, you have to file ITR-2
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
29 July 2017 You need to file ITR3 under schedule BP
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
29 July 2017 Sorry Its ITR-3 wrongly written ITR-2
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 July 2017 What will be code for Nature of business and where to show salary income in itr 3
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
30 July 2017 Salary can be reported under Schedule S
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
30 July 2017 Business code 809 is similar to the trading business
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 July 2017 Do need to maintain books of account?
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
30 July 2017 No..............

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