Boka of accounts and Audit

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If your trading turnover is approximately Rs. 40 lacs, you generally need to maintain books of accounts. However, a tax audit is typically not required as your turnover is below Rs. 1 crore. Intraday trading is considered speculative, and delivery-based trading falls under capital gains. You'll likely need to file ITR 3 and cannot use presumptive taxation for intraday income.

Rakesh Seth

Rakesh Seth (Querist)
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25 June 2022 My turnover of intraday and delivery based traders is Rs.40 lacs approx.Do i need to maintain books and get the same audited before filing ITR or i can be exempted from the same.Further,please advise if i can file ITR on presumptive basis and if so,then which ITR i have to file.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 June 2022 Intra day trading is speculative presumptive taxation not applicable.
Capital gains tax applicable on delivery based trading.
File ITR 3.

Rakesh Seth

Rakesh Seth (Querist)
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26 June 2022 If i can treat my income from intraday and delivery trades as business income and file ITR 3.If i need to get the books audited.

Rakesh Seth

Rakesh Seth (Querist)
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26 June 2022 If i can treat my income from intraday and delivery trades as business income and file ITR 3.If i need to get the books audited.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 June 2022 Books of accounts has to be maintained. Tax audit not required as turnover less than 1 crore.

Rakesh Seth

Rakesh Seth (Querist)
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26 June 2022 If i can treat my income from intraday and delivery trades as business income and file ITR 3.If i need to get the books audited.