Intraday trading
This query is : Resolved
30 November 2016
i have filed my income tax form vide form no. ITR 4 in which i have disclosed my taxable salary income and speculative business loss of intraday share trading. I have received a notice of defective return because of negative gross profit. As i don't have knowledge of sec 44AB and sec 44AD at the time of filing my original return, so i claimed speculative loss on turnover less than rs. 1 crore without maintaining books of accounts. In response of notice, i don't want to pay audit fees or taxes as i actually have loss in my share trading so i want to not show my business transaction in my revised return. Now can i file ITR-1 as my revised return by only showing my taxable salary in it.
30 November 2016
Yes you can do it. You will not face any problem of non disclosure of loss.
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