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Can I file ITR for my trading losses in 2021-22 now?

Sekhar (Professional) (23 Points)

07 March 2022

Hi,

For 2021-22 financial year, I have losses of 3 lakh rupees in daily trading/options trading. Today only I came to know that I can file returns and carry these losses for next 8 years.

I am working professional & already filed ITR-1. Can I file new ITR for my trading losses now? If so, which ITR I have to file & what is the process?

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8 Replies

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 07 March 2022

Intraday trading comes under speculative business

Options trading comes under normal business.

You may use ITR-3 .

You have get the accounts audited by CA since it is business loss .

But need to check practically whether ITR-3 is acceptable in revised return since ITR-1 was in original return

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CA. Abhilash Krishnan P (Chartered Accountant) (529 Points)
Replied 07 March 2022

If its for FY 2021-22 you can file ITR 3 before july 31 2022, should calculate your turnover to determine tax audit requirements

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 08 March 2022

@ Sekar ,

Confirm 2021-22 Assessment Year or Financial Year.

You have quote that ITR-1 is already filed .

CA Surya Sekar (CFO ) (1347 Points)
Replied 08 March 2022

Loss should be Audited . Plan for Audit of accounts.

Sekhar (Professional) (23 Points)
Replied 08 March 2022

It is 2021-22 Financial year. And I did Options trading and lost amount. 2021-22 ITR-1 was already filed.

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CA. Abhilash Krishnan P (Chartered Accountant) (529 Points)
Replied 08 March 2022

No dear for the financial year 2021-22 the income tax department is yet to notify ITR and the due date for filing is July 22..you might have filed ITR 1 for fy 2020-21

CA Puja Sharma (Chartered Accountant) (4972 Points)
Replied 08 March 2022

I think you must have been talking about FY 2020-21 & AY 2021-22 for which you must have filed your ITR 1.

Now, you cannot carry forward your business loss whether speculative or not because the due date for filing of return has already passed. Now you cannot carry forward the loss.