Income tax on capital gains

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subhash chandra dey (Querist)

19 September 2014 I have started trading/short term investment in equities, equity derivatives and currencies from both my account and my spouse's account (who is a housewife and a PAN holder) plus have some short term income from MF during FY 2014-15. I am a PSU employee. Kindly suggest which ITR form am I required to fill in. If ITR 4, then am I required auditing even if my turnover is less than 1 cr. and profit is more than 8%.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

19 September 2014 If your turnover is less than 1 crore and profit is more than 8% file ITR 4S and no audit is required.

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subhash chandra dey

subhash chandra dey (Querist)

19 September 2014 Thank you so much Sir.

subhash chandra dey

subhash chandra dey (Querist)

19 September 2014 Thank you so much Sir. I understand the basic difference between ITR 2 and ITR 4S is that the former is used in case of LT capital gains exempted from tax. Kindly confirm

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

19 September 2014 ITR 2 is for capital gains exempted or taxable. ITR 4S is for trading on shares derivatives etc.

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