Itr

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Manoj Prasad (Querist)
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16 September 2014 I am a salaried person, and also trading in shares & stock, I want to know which ITR should I file?

Thanks & Regards

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 September 2014 you need to file ITR4. if the income from trading is less than 8% of the turnover, you also need to get the tax audit done.

Manoj Prasad

Manoj Prasad (Querist)
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16 September 2014 NIKHIL KAUSHIK & ASSOCIATES

MY GROSS SALARY IS RS.310000/-P.A
MY SHARE TRADING TURN OVER IS ABOUT 10 LAKH
TRADING PROFIT ABOUT RS.30000/-
CAPITAL GAIN RS.45000/-

IN THIS CASE SHOULD I GO FOR TAX AUDIT?

PLZ REPLY

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 September 2014 well yes tax audit will apply. given that your profit is only 3% against minimum requirement of 8%.

Manoj Prasad

Manoj Prasad (Querist)
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16 September 2014 It means if I show my profit from share trading including speculation profit
more than Rs.80000/- (where turn over Rs.10/-lakh, I do not need TAX Audit,

one more things will capital gain not be added in 8% category...

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 September 2014 capital gains wont be added to this category. Yes, if you show equal or more than 8%, then no need for tax audit. But you would have to pay additional tax on the increased income (difference between actual income and income offered under presumptive basis)

Manoj Prasad

Manoj Prasad (Querist)
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16 September 2014 Thanks Nikhi Ji for your kind suggestion & valuable time given to me...

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 September 2014 you are welcome friend...

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