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ITR3 Is audit required for my income ?

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Raj Urs

23 Points Posted on 02 January 2022

Hi,
I would like know if audited is required for the below income. First time filing business/speculative trade income.

From property rent :
before 30% deduction: 3.2 lakhs
after 30% deduction: : 2.24 lakhs

From bank interest: 4000

From dividend: 2000

From intraday trading :
Turnover (gain 3.9 lakhs+ loss 5.85 lakhs): 9.75 lakhs
Profit/loss (gain 3.9 lakhs - loss 5.85 lakhs) : -1.95 lakhs (loss)

From STCG (shares delivery) - 13000 (loss)

Additional info: Previous years income only from property 4 to 4.5 lakhs/year before 30% deduction.

TIA

Replies (4)

Quick Summary

This discussion addresses whether an audit is required for an individual filing ITR3 for the first time, with income from property rent, bank interest, dividends, and intraday trading. The consensus is that a tax audit is not required in this specific case, though the intraday trading losses must be disclosed as part of a normal trading business.

Raj Urs

23 Points Posted on 02 January 2022

Note: Intraday trading is in equity.

Mehul Suthar

35 Points Posted on 02 January 2022

Intraday turnover calculation shall be taken as an absolute turnover
Like Total of positive values and Negative Values...

D S Rawat

ACCOUNTANT

32 Points Posted on 02 January 2022

Tax audit is not required in your case. but you have to disclose your financial as a normal trading business.

CA Aakarsh Jain

4330 Points Posted on 02 January 2022

Tax audit is not required in your case and you have to show intraday losses in speculative business. If you need any help in ITR then check your inbox, I have done many similar cases and reduced tax liability too.