I do trading intraday in equity and options. I had loss of Rs. 70000 in FY(2014-15). In FY(2015-16) I had loss of Rs. 50000. In FY(2016-17) I had the loss of Rs. 60000. Trading is my only source of income. I have not filed a tax return before in my life. This year from April 1 - May 10 I am in profit by Rs. 100000. My question is should I File the tax return for previous 3 years or just file the return this year and pay advance tax if I do not want to offset the loss in future. Is it mandatory to file the return even in case of loss if there is no intent to offset that loss?
In case filing return is mandatory please tell me the procedure.
Can I start to file return from this year and not file the return for past years?
Yes,it is mandatory to file return if you are incurring losses.
Even you have to do audit also if you want to show the losses or profit below 8% of the turnover considering that your total income if more than maximum amount not chargeable to tax (i.e. 2,50,000).
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
How can I file the return for past 3 years?
In case of loss it's (individual/huf)not mandatory to file Itr if you don't want to set off earlier years loss
As on date you can file lawfully 2 year Itr only I.e. AY 2016-17&2017-18
you can request your jurisdictional commissioner for condonation of delay and file paper retur.
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Though it is not mandatory to file Returns when there is losses, it is always advisable to file the Returns so that the Losses can be carried forward.
You can file for only 2 years now. Using ITR-4 for AY 2016-17 and ITR-3 for AY 2017-18
It is mandatory to file the return, if you want to carry forward the loss.
You can file return now only for the FY 2015-16 and 2016-17 only. You cannot file returns for earlier years.
Sir yes if you have loss in Intraday then you need to file tax returns. But for the year 2014-2015 the return cannot be filed. We can avoid the tax filings. You can contact us for the same at modani005@gmail.com.
You file the returns for the FY 2016-2017.
