Need for audit in case of stock trader having overall loss
This query is : Resolved
Gaurav Sethi
(Querist)
22 July 2018
Hi,
Made loss in F&O and intraday trading -220000
Made gain by selling shares kept for short term (less than 12 months) +180000
Only income is from FD interest. +132000
Turnover of (FO+intraday+ short term share trading) is 80 lakhs.
Is audit required in my case?
Can I avoid it by not declaring losses in F&O and intraday and simply show 180000+FD interest as my income and pay tax on it. Will 15% be charged in 180000 profit of short term trading?
Made loss in F&O and intraday trading -220000
Made gain by selling shares kept for short term (less than 12 months) +180000
Only income is from FD interest. +132000
Turnover of (FO+intraday+ short term share trading) is 80 lakhs.
Is audit required in my case?
Can I avoid it by not declaring losses in F&O and intraday and simply show 180000+FD interest as my income and pay tax on it. Will 15% be charged in 180000 profit of short term trading?
CA R SEETHARAMAN
(Expert)
23 July 2018
Yes you can do so. No tax payable upto basic exemption limit of 2.5 lacs on short term capital gains.
Nikhil Kaushik
(Expert)
23 July 2018
your losses will get adjusted against the FD income and STCG. the balance income will below the taxable limit, hence not audit. File ITR-3. In case you need professional help for filing the return, mail me at ca.nikhilkaushik@gmail.com
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