Loss on intra day trading

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Syed Abbas Haider (Querist)
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08 February 2019 Assessee is a salaried individual who is also involved in share trading. He has accumulated losses in intra day trading (speculation) as well as short term capital gains. Please guide on the following
Which ITR form he has to file?
How can he claim speculative loss in return if he is not maintaining books of accounts?
For how many years the loss be carried forward?
Whether tax audit needs to be done for claiming losses if turnover does not exceed 2 crores
Thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 February 2019 1 ITR 3 has to be filed.
2 Claim speculative loss to be carried over for a period of 8 years to adjust against speculative gain.
3 Tax audit required as loss is declared and having taxable income from salary.

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