If you have salary income and trading income from the Indian stock market, you might be unsure which Income Tax Return (ITR) form to use. While ITR-1 may seem suitable, it can lead to defective return intimations. For trading income, ITR 2 is generally recommended, treating it as capital gains. Alternatively, if you don't maintain detailed accounts, ITR 3 under the 'No Account Case' might be appropriate.
He has only salary income and trading income of ₹14,000 from the Indian stock market in FY 2023-24. Which form should he use to file the income tax return? He filed ITR-1, but received a defective return intimation under section 139(9). Should he have used a different form?"