ITR 2 or 3 forms


This query is : Resolved 

Quick Summary
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.

(Querist)
07 July 2024 Dear Sir,

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?"

08 July 2024 Yes, file ITR 3 under No Account Case.

08 July 2024 Use ITR 2, show share market trading income as capital gains.


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