Intraday trading in itr 3

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This discussion clarifies how to report intraday trading income in the ITR 3 form. It explains that if you don't maintain books of accounts under Section 44AA of the IT Act, you can report your intraday trading income under the speculative head in the Profit & Loss account, similar to previous years. However, if you do maintain books, you should use the Trading Account schedule. The criteria for maintaining books are based on total income exceeding Rs. 2,50,000 or turnover exceeding Rs. 25,00,000 in preceding years.

PRIYA

PRIYA (Querist)
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21 July 2024 I have income of Rs 2 lakhs from intraday trading in equity for the financial year 2023-24. Where I am supposed to show this income in ITR 3 form?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 July 2024 Schedule Trading Account,
Sr. No. 12b & 12b

PRIYA

PRIYA (Querist)
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21 July 2024 In my previous return I had shown my income from intraday trading in Sr no 65 speculative head under schedule profit and loss account. For this year can I show my intraday trading income same as I did last year?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 July 2024 Yes. if you are not required to maintain books under sec. 44AA IT act.

PRIYA

PRIYA (Querist)
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21 July 2024 What is the difference between income under Sr. 65 speculative head in schedule profit and loss account and income shown in schedule trading account 12 a and 12b?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 July 2024 First one is 'No account Case' while second one is 'Accounts Maintained'.

PRIYA

PRIYA (Querist)
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23 July 2024 When does an assessee have to maintain books under section 44aa of IT ACT?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 July 2024 Limits for Individual & HUF for maintenance of accounts in case of business i.e F&O here::
a) If total Income is more than Rs. 2,50,000.
b) If turnover is more than Rs. 25,00,000.
in any of the 3 years preceding the previous year

PRIYA

PRIYA (Querist)
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23 July 2024 I. Don't trade in future and options but I do intraday trading In which my profit is 2 lakh and turnover is 3 lakh I don't have any income under business head other than this income but I have other income under capital gains on shares. Do i require to maintain books?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 July 2024 No, subject to compliance of the conditions in preceding 3 years.

PRIYA

PRIYA (Querist)
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23 July 2024 This limit for maintainance of account point a says if total income is more than 250000. IS this total income under all heads or only business income?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 July 2024 Aggregate of all the businesses incomes (income under head PGBP)

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