Future & Option loss

I had filed ITR1 in 2023 and didn’t show my F&O losses.
So can I carry forward the same by entering the loss amount in Schedule CFL in this year’s ITR3?

Hi @suvendu_mohanty

You have to file ITR before the due date for the particular FY to carry your losses forward.

If the year in the question is 2022-23 (before April 1st, 2023), you wont be able to carry the loss forward. You can carry it forward for 2023-24 (from April 1st, 2023) if you file before July 31st this year.

For FY 2022-23, I had filed form ITR-1 before 31st July 2023. As mentioned I did not show my losses in F&O occurred during FY 2022-23.

So can the losses of FY 2022-23 be entered in schedule CFL of ITR 3 this year which I will be filing before 31st July?

Or is it not possible as I didn’t file ITR 3 last year?

Hey @suvendu_mohanty,

As the losses were not reported in the relevant assessment year, you’ll not be able to carry them forward now.

I have losses in F & O in FY 2023-24.
I want to show these losses in ITR-3 without maintaining books of account using No account cases option.

Is it possible to do this or not. Or is it mandatory to maintain books of account if there is loss in FnO.

Hey @suvendu_mohanty,

If the F&O turnover is below ₹25L and profits are less than ₹2.5L, you can opt for the no accounts case and report your business.