I have received SMSs as well as emails from Income Tax department to file ITR for AY 2013-14. When I logged in departments website I saw information summary CIB-502,STT-01,02,03,04,05 mentioned in my case. My details for AY 2013-14 are as follows- Interest income= 163214 Short Term CG on sale of equity shares through recognized exchange= 5144.7 Loss from intraday trading= 7001 Gains from F&O= 1193.94 Total turnover from all segments= 191880 Premium paid to LIC= 11964
So my total income as well as turnover is less than Rs. 2,00,000 So my questions are- 1. Do I need to file ITR? 2. If yes, is it ITR-4 as I do lots of intraday equity and F&O trading? 3. Is everybody trading in equity, F&O, commodity bound to file ITR or is it because I once bought shares worth 104000 for delivery in this period? 4. Do I need to get my books audited under section 44AD if my income from trading business is less than 8% of turnover, even if my total income is less than taxable income of 2,00,000?
09 April 2015
on the basis of information mentioned above, filing return is not required in this case...however, you should get the documents verified by a professional accountant to be assured in this regard.
CAclubindia
