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.

(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?


02 May 2021 No tax audit applicable.

File normal ITR3.

Speculation loss for intraday and capital gains for stcl.

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

26 May 2021 no audit case


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