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"Maximizing Tax Savings: How to File Shares Market Intraday, F&O Trading Loss, Short-Term, and Long-Term Loss"

Attention traders! If you have incurred losses in the shares market intraday, F&O trading, or short-term or long-term trades, it's important to file your income tax returns correctly to claim the losses and reduce your tax liability.

Here's how you can do it:
1.    For intraday trading losses: report them as business losses in your income tax return using ITR-3 or ITR-4 form, depending on your income source and business type.
2.    For F&O trading losses: report them under the head 'profits and gains of business or profession' in your income tax return. You can offset these losses against any other business income you may have.
3.    For short-term capital losses: report them under the head 'capital gains' in your income tax return. These losses can be set off against any other capital gains in the same financial year.
4.    For long-term capital losses: report them under the head 'capital gains' in your income tax return. These losses can be set off only against long-term capital gains in the same financial year.

Don't forget to keep accurate records of your trades, including brokerage statements, contract notes, and bills.

Need help to file your tax returns? Contact us at Alliance Tax Experts for expert guidance and
assistance.

Call us at 022 49742166 or 9769201316 or email us at info@alltaxfin.com.

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