Income tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2014 I have income from salary in Assessment year 2014-15 (8 Lacs) and also I have traded in F&O this year. I have a loss of -1.25 Lacs on a turnover of 8 lacs. I usually file my IT return online and user ITR 1 for salaried income. This assessment year I have additional loss from F&O Trading now I need to show this in my IT Return this assessment year. I have below questions

1) Do I need to File ITR4 or ITR4S for the additional income ?

2) Do I need to show Loss under Income from Business under this assessment year ?

3) Do I need to get my accounts audited because of F&O Income

4) Will I have additional Tax Liability because of F&O trading.

5) What all documents I need to send to Income tax department after filing my return

Appreciate if you can answer these questions in details.

Rupesh Jain

Rupesh Jain (Expert)
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01 July 2014 you can show as business income in form ITR-4. and carry forward for set off against future income of business head.

no tax liability for F & O Trading. you have to take the record of F &no transactions.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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31 July 2014 in addition, you shall also be required to get your accounts tax audited as you are offering profit at less than 8% of turnover.

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