Shares trading including intraday & nifty futures

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This discussion clarifies which Income Tax Return (ITR) form is suitable for individuals with income from share trading, including intraday and Nifty futures, alongside bank Fixed Deposit interest. The consensus suggests ITR 3 is generally applicable due to the speculative nature of intraday trading. It also addresses whether an audit is mandatory, clarifying that it's typically not required unless trading turnover exceeds ₹10 crore or if presumptive assessment was opted out of previously.

Shipping

Shipping (Querist)
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03 June 2024 Dear Sir,

I have some income from shares trading including intraday & nifty futures along with interest income from bank FDs.

Income from shares & futures is below 1 lac.

Kindly advice which ITR form applicable to me.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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03 June 2024 Theoretically, you should file ITR 3 or ITR 4.

Jaspal Singh

Jaspal Singh (Expert)
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03 June 2024 ITR 3 is applicable as speculation business for intraday is there

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 August 2024 File ITR 3.

Shipping

Shipping (Querist)
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08 August 2024 Dear Sir,

Thanks for the reply.

can you please let us know whether audit is mandatory in my case where the profit from futures is less than 10000.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 August 2024 If turnover in the trading exceeds 10 Crs. or if you had opted out of presumptive assessment u/s 44AD in any preceding five years, in that case audit would be mandatory; otherwise not.

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