Is it necessary to file as a business / profession if I didn’t make any profits ?
Also the losses are negligible , so I won’t benefit from any loss harvesting or set off.
So, can I simply file ITR-2 or ITR1 instead of ITR-3 . Most of my income comes from capital gains (equities ) and Dividends.
Even last year, my CA filed ITR-2 even when I had losses in F&O trading. However , I have observed he makes mistakes sometimes or is wrongly informed about certain rules ,so I plan to either find another CA or do the filing myself.
It is always recommended to disclose your income even if they are losses. Moreover, losses from F/O trading can be set-off against all other incomes except salary and hence, you can reduce your overall tax liability.
You can also use Quicko to file your ITR where you can integrate your broker and directly import your trading data without having to add anything manually
We are expecting the ITD to release ITR-3 utilities by the first week of April. Moreover, the due date to file TDS returns is 31st May and hence, the TDS credits shall be reflected in your Form 26AS by 1st week of June.
