Rs. 26 Lakh Lost in F&O Trading by BTech Student with No Income

Assam based CA mentioned a client, a 3rd year BTech student with no regular income source, who has lost money Rs. 46 lakhs in Futures & Option Trading.

Student Loses Rs. 26 Lakh in F&O

Naman Sharma | Jun 27, 2024 |

Rs. 26 Lakh Lost in F&O Trading by BTech Student with No Income

Rs.26 Lakh Lost in F&O Trading by BTech Student with No Income

During the income tax returns (ITR) filing season, one Chartered Accountant has revealed how individuals have become addicted to trading, even when they are in the red. CA Roshan Agarwal from Assam mentioned a client, a 3rd year BTech student with no regular income source, who had filed a return showing trading activities.

Agarwal said he lost Rs. 20 lakh in trading last year. He informed the media houses that about two years ago, the student contacted him via Facebook on which Agarwal provided financial consultation for seeking assistance in filing his income tax returns.

The CA further told the media that “His parents are separated. His mother has a hotel business but nobody among them has knowledge for the same. He has no income and took personal loans from financial apps, borrowed money from friends, and withdrew some money from his parents’ account, unknowingly”.

The student has also been making financial decisions based on what he comes across in social media and from his friends, according to Agarwal. A friend of his traded in Future and Options and earned Rs. 1 crore in the last year. He was influenced by it. He was also moved from what he heard the financial Influencers say on social media.

Aggarwal stated further, “He had advised the student to quit searching for ways to earn money easily after the first year of this loss and although the student seemed to have agreed at the moment, this year is back filing his income tax returns with an even bigger loss.”

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button
Join Membership

In case of any Doubt regarding Membership you can mail us at [email protected]

Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"




Author Bio
My Recent Articles
CBI Recruitment 2024: New Job Appliciation Out, Check Post, Qualification, Tenure and Other Vital Details NMRC Recruitment 2024: New Application Out for Various Posts, Check Posts, Age Limit, Qualification and Process to Apply Himachal Pradesh Public Service Commission Recruitment 2024: Monthly Salary Upto 67000, Check Post, Qualification and Process to Apply CCRH Recruitment 2024: Walk-In-Interview, Check Posts, Qualification, Salary and Other Details DIC Recruitment 2024: New Application Out, Check Post, Age Limit, Qualification and Application ProcedureView All Posts