Futures and Options tax

[Legionomous]

I am about to file my tax and realised that I can use my loss in F&O segment as a tax harvest for next year. The thing I am not sure is which form should be filed?

The CA through which I file every year has asked me to file ITR 1 as I do every year and put the loss figure with (minus) in other Income sources.
Now, I searched on the web and found many articles suggesting ITR 3 to be filed for these cases. But, that specific form is for Business professionals and I am salaried one. Even my CA mentions the same thing of not filing ITR 3. This is super confusing.

Is there anyone in the forum who has filed taxes with similar case?

 

[dj.dj]

you can file ITR2 and show your losses in the CG section.

 

[Cc_creditguy]

Itr 3 bro ask any auditor

 

[sourpai]

If you are using Zerodha, you can fill via Quiko.... it is free for Zerodha customers.

It fills ITR3 directly on your behalf with a few inputs

 

[Pradumya]

I am about to file my tax and realised that I can use my loss in F&O segment as a tax harvest for next year. The thing I am not sure is which form should be filed?

The CA through which I file every year has asked me to file ITR 1 as I do every year and put the loss figure with (minus) in other Income sources.
Now, I searched on the web and found many articles suggesting ITR 3 to be filed for these cases. But, that specific form is for Business professionals and I am salaried one. Even my CA mentions the same thing of not filing ITR 3. This is super confusing.

Is there anyone in the forum who has filed taxes with similar case?

If you want to carry forward FnO loss then you won't get option to do that in ITR 1. Putting it in other sources may not be correct bcz FnO is a business income where turnover is also needed.
If we could do what you mentioned, then no one would file ITR 3, everyone would just file ITR 1 only.

you can file ITR2 and show your losses in the CG section.

ITR 2 is not for business income and FnO is considered business income