Which itr form intraday trading

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2018 Hello,

im salaried. i have intraday share trading loss. i dont wish to carryforward loss. i want to avoid bookkeeping and audit.

can i use presumptive scheme itr-4 and declare 6% profit ?

can salaried day traders opt itr-4?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 July 2018 Yes salaried person can file ITR 4 opting 44AD for day trading.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2018 sir, but itr-4 instructions says not for speculative business income , please clarify?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 July 2018 Speculative business is also eligible for presumption tax relief u/s 44AD for following reason :

Eligible business contains words ” any business” . Read below :
(b) ”eligible business” means,—

(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE;

Whatever businesses are not eligible has expressly been mentioned in the section 44AD itself . For example section 4AD(6) clearly says as under :
(6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—

(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;

(ii) a person earning income in the nature of commission or brokerage; or

(iii) a person carrying on any agency business.

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2018 so i can file itr-4 sugam ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 July 2018 Yes....................

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