l trade in Delivery and Intraday(Margin) and so far I've made huge losses. Will there be any tax consideration for me as the trading amount is higher(in crores) assuming no net gains for FY08-09

Thanks.

There is no IT on your Losses on account of your Trading. However if you earn profit on Trading you should pay IT on the profit earned.

no there wont be.

u dont have pay any taxes if u had losses. but will have to pay taxes on every income from trading.

You can take a capital loss of up to $3000. If you lose more than that you can take the rest at $3000 per year until you have taken them all.

In determining the $ 3000, you subtract the losses from the gains and deduct up to $ 3000 of the excess of the losses over gains.

It works the same in future years, so you can continue offsetting losses and gains and take a maximum loss of $ 3000.

A capital loss (short-term/long-term) can be carried forward for a maximum period of 8 years from the assessment year in which the loss was first incurred. A short-term capital loss can be set off against any capital gain (long-term and short-term). However a long-term capital loss can be set off only against a long-term capital gain. Read http://mytaxes.in/index.php?topic=155.0

if your total income for the financial year is less than the amount prescribed under women is category ( rs 1,85,000 ) including gains and losses from trading there is no need to file in incometax return