Itr4

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Anand Sanga (Querist)
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16 July 2014 I'am a salaried person and done equity trading in FY.2013-14. During this FY I have made short term gain (delivery) and speculative loss (intraday) which is more than short term gain.
1)To carry forward my speculative loss, should I file ITR4 or ITR4S.
2)Do I need to get tax audit in view of Sec.44AD.
3)Will the carry forwarded speculative loss be adjusted against the short term again in next year.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 July 2014 1.file itr4
2.no
3.speculative loss can be set off only against speculative gain

Anand Sanga

Anand Sanga (Querist)
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16 July 2014 I heard that as per Sec.44AD, if profit is less than 8% of Turnover, then it has to be tax audited by CA

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 July 2014 yes that is correct in case if u opt for sec 44ad and file itr4s

Anand Sanga

Anand Sanga (Querist)
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16 July 2014 But in ITR4S we cannot carry forward the loss and tax has to be paid on 8% of Turnover.
My doubt is whether I fall in Sec.44AD or not, I want to carry forward my loss.
Will ITR4S allows me carry forward my speculative loss for future years.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 July 2014 itr 4s is optional u can file itr 4 if u want to carry forward the loss and later set off

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