• How to file my IT returns -with loss in share market.

I am a private company salaried employee with nil deduction Income tax holder. From last 4 years  I am fail to file my IT returns bcoz i have been  trading in derivatives  Share market but I got losses every year from last 4 years( (-)80,000/- , (-)123,000/-,(-) 58000 & (-)158,000  . Here my query is can I show my losses in IT returns from last 4 years..? if it is possible how to file my returns..? In which form-ITR -1/ ITR-2/ ITR-3 /ITR-4  . I have file. What are the documents required . Kindly guide me with full details.
Asked 7 months ago in Income Tax from Vijayawada, Andhra Pradesh
Hi

You have to file your ITR on or before due date (generally 31st July) for c/f loss which can be adjust in future year income, but as you dont file the same on time thus loss cant be c/f but you can still file your ITR of AY 2016-17 & 2017-18 by March 2018.

For AY 2016-17 choose ITR FORM 4
For AY 2017-18 choose ITR FORM 3
Lalit Bansal
CA, Delhi
515 Answers
36 Consultations

5.0 on 5.0

Hi..
You can file belated income tax returns for FY 15-16 and 16-17. However, since these would be late returns, although you can declare the loss occured, but you cannot carry forward these losses for adjustments in future profits.
Lakshita Bhandari
CA, Mumbai
1468 Answers
40 Consultations

5.0 on 5.0

Hi,

You will have to get your accounts audited in order to claim the loss which you have not done and now you can't claim the losses since your return would be belated. 
Abhishek Dugar
CA, Mumbai
2929 Answers
123 Consultations

5.0 on 5.0

You can file IT returns only for the financial years 2016-17 and 2015-16 latest by 31st May 2018, as belated returns. However, you cannot claim carry forward of your losses, as the returns were not filed in time. However, such losses can be set off against income from other heads, other than salary.
B Vijaya Kumar
CA, Hyderabad
845 Answers
48 Consultations

5.0 on 5.0

Hi,

You can currently file returns for only FY 2015-16 and onwards, since the earlier years have become time barred. Also, trading in derivatives in considered as a business activity and business loss is not allowed to be set-off against salary income. For FY 2015-16 file ITR 4 and for FY 2016-17 file ITR 3.
You will need your Form 16 issued by your employer as well as complete details of the derivative trading to compute the losses.

Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
23 Consultations

5.0 on 5.0

You can file IT Returns only for 2 years as per rule. It is must to file returns if you are trading in Derivatives.
Need to check your turnover as in case of derivatives the total turnover need to be checked as the same will come under income from business head.
Shyam Sunder Modani
CA, Hyderabad
1408 Answers
95 Consultations

5.0 on 5.0

Hello,

No you cannot do so since it is time barred. You may revise your recent two returns i.e FY 2015-16 & 2016-17 if you want to do so. You will have to file ITR-4 in FY 15-16 and ITR - 3 in FY 16-17.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
Rohit R Sharma
CA, Mumbai
2104 Answers
91 Consultations

5.0 on 5.0

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