Itr share trading

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Afzal Lokhandwala (Querist)
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03 April 2016 In share trading, turnover is less than 1 crore and loss is 15000. Also speculative loss is 2.5 lacs (intraday). Rs. 70,000 income from tuitions fees. which itr to file, 4 or 4S? Audit required if I file 4S?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 April 2016 depends on whether you wish claim loss or not. though, In any case, ITR-4 should be filed in this case.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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04 April 2016 if the share trading is of business nature than you need to show 8% minimum profit or get the same audited u/s. 44AB
but if the same is not of business nature than you need to show it in capital gains
Speculative loss can be C/f for 4 years

but if your total income does not exceed basic exemption limit no need to file ITR

Income from Tuition Classes Rs.70000/-
Income from PGBP Rs.XXXXX --------------8% of Turnover (if business Nature)
TOTAL INCOME

Loss of Speculative business can be Carried forward & can be adjusted with future Speculative Profit

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