• Foreign currency trading

I have done foreign currency trading of about 1.5 crore on olymp trade but at the end i have not made any profit rather i have incurred loss....i always used to deposit money through my credit card and whenever there used to be small profit i used to withdraw invested amount direct back to my credit card.....but at end i made a big loss only.....now while filing the return everything is reflecting on my portal.....what should i do and how should i show and justify this in my return ????
Asked 1 month ago in Income Tax


  1. Obtain Trading Reports: Request transaction reports from Olymp Trade, which detail your trading activities, including profits and losses.

  2. Categorize Losses: Distinguish between capital losses and business losses, based on the nature of your trading.

  3. Calculate Total Loss: Calculate the total loss incurred during the financial year.

  4. Report Loss in Tax Return: Use the appropriate tax return section to report the loss, providing a clear description of "Foreign Currency Trading Losses."

  5. Keep Records: Retain all relevant documentation for future reference.

  6. File Your Tax Return: Ensure compliance by filing your tax return, even if you've incurred a loss.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.


Thank you.

Shubham Goyal

Shubham Goyal
CA, Delhi
113 Answers
2 Consultations

5.0 on 5.0

Disclose loss from foreign currency trading in the ITR. Retain all documents related to such trading.


For detailed discussion you  may opt for phone consultation

Vivek Kumar Arora
CA, Delhi
4748 Answers
980 Consultations

5.0 on 5.0

You need to file a return reflecting all the transactions in AIS, even if its a loss. However, you could have carried forward the loss, if you filed the return on or before the due date, i.e., 31st July. Now you will not be able to carry forward the loss.

B Vijaya Kumar
CA, Hyderabad
994 Answers
124 Consultations

5.0 on 5.0

In income tax you can carry forward the losses. But for that you need to file the return before due date.

Secondly you need to show all income/ loss that is mentioned in AIS. 


So calculate the loss or you can also refer the tax profit/ loss report from the trading platform. once you get the report check it & file the return with loss. 

Poorvi Jain
CA, Indore
143 Answers
1 Consultation

4.8 on 5.0

Ask a Chartered Accountant

Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
  Ask a CA