Tax audit applicable? Section 44AD benefit? Which it file?

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This discussion addresses whether a tax audit is required for short-term and intraday share trading with losses. It clarifies that if turnover exceeds the threshold, a tax audit may be applicable, but Section 44AD might not be beneficial in cases of losses. The advice suggests filing a normal ITR-3, treating intraday losses as speculative and short-term capital losses separately.

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(Querist)
01 May 2021 Assume,
I have done a transaction on share transaction short term & intraday where the turnover 558558& i made a short term loss (-2576) intraday loss(-15061)
In this case , tax audit applicable? So can this section 44 AD benefit?
Which itr files?
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CA PARTH SHAH

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CA PARTH SHAH (Expert)
02 May 2021 No tax audit applicable.

File normal ITR3.

Speculation loss for intraday and capital gains for stcl.
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tusharthosar

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tusharthosar (Querist)
02 May 2021 Sir please contact no
It return file fee
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Pooja Yagnik

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Pooja Yagnik (Expert)
26 May 2021 no audit case
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