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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2010 1)
does for even cash intraday trading is to be filed in itr 4

2) which schedules i should fill in itr 4 for salary income and speculation business losses, & what code is to be filled in nature of business

3) how to compute total loss figure

a) is it day to day net profit or loss
b) whether i can include brokerage+ service tax+ STT as an expense or it will be included in loss

4) as it is a speculative business is it need to be audited if turnover exceeds
40 lakhs
if yes
how to calculate turnover
a) each transaction profit or loss figure
b) day to day profit or loss
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
29 July 2010 ANS 1 : YES ITR 4 FOR INTRA DAY TRADING BECASUE IT INCOME FROM SPECUALTION BUSINESS.
ANS 2. SCHEDULE B , ROW NO 38
ANS 3
IN EXCEL DATA , DAY TO DAY PROFIT & LOSS
YES, STT/BROKERAGE,SERVICE TAX IS ALSO PART OF LOSS.
ANS 4. YES TAX AUDIT IS NEED IF TURNOVER EXCEEDS 40 LACS.
FOR CACULATE TURNOVER , YOU NEED TO ADD EACH TRANSACTIO PROIFT & LOSS FIGURE WITHOUT SEEING -.
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