ITR Return for FY 2019-20: Salary & Share Trading

This query is : Resolved

Quick Summary

This query concerns the applicable Income Tax Return (ITR) for the financial year 2019-20 for an individual with salary income below ₹3,50,000 and share trading activities. The individual experienced speculative losses, short-term capital gains, and long-term capital gains. The advice given is to file ITR 3, but only fill in the relevant schedules like Salary, Capital Gains, and trading-related sections, rather than all mandatory sections if they don't apply.

Sanjay

Sanjay (Querist)

15 September 2020 Sir,

Please solve my below query:
1. My friend salary earning from pvt job during the financial year 2019-20 is below Rs. 3,50,000
2. He also doing trading activity i.e Share buying and selling through his own demat account. during the financial year 2019-20 his profit & loss statement showing Rs. -428.12 loss for speculation, Rs. 7652.33 profit for Short term & Rs. 95.45 profit for long term.

Kindly suggest us which ITR return applicable for financial year 2019-20

Thanks & Regards.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

15 September 2020 File ITR 3...............

Message likes : 1 times

Sanjay

Sanjay (Querist)

17 September 2020 Sir , If ITR 3 applicable then all schedule fill is mandatory or not ? i. e in ITR 3 their is column Nature of Business, BS, Manufacturing, Trading , Profit & Loss , Quantitative etc. which is not related to us because we just salary income & doing share trading activity .
Or we just fill up the column related to us i.e Salary Schedule S, Capital gain, etc.

Please solve my above query.

Thanks & Regards.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 September 2020 You just fill up the column related to you i.e Salary Schedule S, Capital gain, etc.
Select no account case and business share trading for speculative income.

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