Foreign currency trading

Hello,

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.

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

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.

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.