ITR for brokerages and commissions

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This discussion addresses whether an individual with income from brokerage commissions and capital gains needs to maintain books of accounts and undergo an audit for their Income Tax Return (ITR). While presumptive taxation under Section 44AD might seem appealing, commission income generally prevents opting for it. The advice suggests that an audit isn't always compulsory, but maintaining books of accounts is necessary unless specific conditions regarding intraday trading income are met.

Shantanu Bose

Shantanu Bose (Querist)

09 June 2025 Sir,
My income breakdown for FY 24-25,
Savings interest 44,000/,
STCG 2,10,000/
LTCG from equity mutual fund 91,000/
Income from commissions 3,780/0(TDS deducted u/s 194H)
Intraday equity cash(non f&o) trading loss 247/,
Intraday trading turnover 500/

So Total income exceeds 2,50,000/ and I've loss of 247/ in intraday trading.
Since I've commissions income of 3,780/, I've to file ITR 3 and I can't opt for presumptive taxation u/s 44AD.

My question:
Are books of accounts and audit compulsory and inevitable for me or there is any way out ?
Thanks a lot

Nikhil Kaushik

Nikhil Kaushik (Expert)

09 June 2025 not necessary to do the audit. depends on the turnover. but unless you are ready to offer the intra-day trading income under 44AD, books of accounts need to be maintained.

Shantanu Bose

Shantanu Bose (Querist)

09 June 2025 Thanks Sir for your kind help and advice

Shantanu Bose

Shantanu Bose (Querist)

09 June 2025 Sir,
Sorry to bother you again, can I opt for 44AD as I've commissions income and total income more than basic exemption limit ?
Thanks
Thanks

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