Boka of accounts and Audit

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This query is : Resolved

Quick Summary

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)

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)

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)

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)

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)

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)

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.