Itr and losses cariforward

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This query is : Resolved

rajkumar (Querist)

08 August 2019
A) Salary Rs.2,40,000.

B) capital gain/speculation:

S.No Particulars Amt

FY 2018-19
1 sale A 73114953
2 buy B 73667448
3 Loss C = A-B 552495
4 Exp (Brokerage, STT, Interest on delayed charges to brokers) D 130978
5 Total Loss to be carried forward E = C+D 683473
6 Interest on Loans taken for Investing Shares F 1,00,000
7 Total Loss to be carried forward G =E+F 7,83,473

FY 2017-18
Loss to be carrieforward (FILED ITR 3 ) H 3,00,000
Total
Total Loss to be carried forward I 10,83,473

The Loss is on account of trading in shares 99.5% and in F&O .05%
The Loss in Shares arises like below.
1) Buy on 1st & sale on 1st (same day i,e intraday)
2) buy on 1st & sale on 2nd
3) buy on 1st & sale on 4th

C) Dividend =1,00,000

PLEASE ADVISE ABOUT

1) ITR NUMBER

2) Losses to be carriforward

3) Any effect on Credit rating in Future as I shown loss 10 lakhs around.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

09 August 2019 1 File ITR 3.
2 Speculative business loss on Buy on 1st & sale on 1st (same day i,e intraday) show it separately under speculative business.
3 Loss will affect credit rating.

Message likes : 1 times

rajkumar

rajkumar (Querist)

10 August 2019 is tax audit applicable in this case... because turnover exceeds..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

10 August 2019 Yes tax audit applicable.

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