Itr share trading
This query is : Resolved
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?
03 April 2016
depends on whether you wish claim loss or not. though, In any case, ITR-4 should be filed in this case.
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
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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