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I am in India. Let's say I have an income for 25 lakhs and my losses in option trading for 10 lakhs. How to file ITR for the same? Will my losses in option can be carry forward for 8 years?

Suppose I decide to show all losses in Current AY. Can taxable Income can be reduced to 15 lakhs (25-10)?

How much I can save on taxes if my losses are 10 lakhs?

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Losses on Trading/Investments can only be set off by earnings in the same category. You need to file ITR 2 to carry forward losses usingSchedule CYLA and Schedule CFL.

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