Irt 3 or 4
This query is : Resolved
01 August 2017
Sir, My friend is getting salary from Trust, also doing Business as well as full time intra day future & options trader, which ITR to use
02 August 2017
ITR 3 would be fine............
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02 August 2017
Thanks for your kind help. One more thing, can he book 1,82,000 amount of losses with 85,000 of charges in ITR3...
02 August 2017
Intra day trading losses and brokerage
02 August 2017
No.That is not permitted.
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03 August 2017
Sir, he incurred losses for this year. 2016-2017. Please suggest him where he can show the losses.
03 August 2017
he can show losses in sheet marked as CG.
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03 August 2017
Since it is intraday trading it may be appropriate to take it as loss from speculative business. Typically if there is history of trades without delivery, or trading with selling first and then buying, the department is inclined to consider it as a speculative business.
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03 August 2017
Yes sir, it's only intraday trading, without delivery. Is it enough to show in Itr3.
03 August 2017
Also turnover is 97 lacs. I hope no need to get audited.
03 August 2017
1. Loss from Intra-Day / Speculative (Turnover : Rs. 377.55) 16.35
2. Loss from Future (Non Speculative) (Turnover : Rs.97,233.00) 29,980.50
3. Loss from Options (Non Speculative) (Turnover : Rs. 96,65,431.00) 152,639.00
4. Brokerage Charges 45895.00
5. Turnover Charges 12,043.00
6. Stamp Duty 8,553.00
7. SEBI Charges 288.00
8.Other Incidential Charges
total charges 249,414.85
service tax 8112
any other rate,tax,duty or cess incl STT and CTT 10460
total charges 18572
Sir, where to show above expenses in ITR3
2. Loss from Future (Non Speculative) (Turnover : Rs.97,233.00) 29,980.50
3. Loss from Options (Non Speculative) (Turnover : Rs. 96,65,431.00) 152,639.00
4. Brokerage Charges 45895.00
5. Turnover Charges 12,043.00
6. Stamp Duty 8,553.00
7. SEBI Charges 288.00
8.Other Incidential Charges
total charges 249,414.85
service tax 8112
any other rate,tax,duty or cess incl STT and CTT 10460
total charges 18572
Sir, where to show above expenses in ITR3
04 August 2017
show it under sheet marked as "CG" in ITR 3
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