Which itr form to use?
This query is : Resolved
Hemant Medatwal
(Querist)
22 April 2014
for Assessment year 2014-15 i have Equity shares intraday trading profit & STCG/STCL.... can u pls let me know which ITR to be filled up through e filing?
thnx
thnx
Pradeep Shah
(Expert)
22 April 2014
ITR 4 is applicable in your case.
As Income from intraday trading in shares is treated as speculative business income as the transaction is settled without delivery. Accordingly, it is charged under the head ‘Profit and gain of business or profession'. As per Section 43(5) of the Income Tax Act, 1961, speculative transaction means a transaction in which a contract for the purchase or sale of any commodity including stocks and shares is settled otherwise than by the actual delivery or transfer of the commodity or scrips.
As Income from intraday trading in shares is treated as speculative business income as the transaction is settled without delivery. Accordingly, it is charged under the head ‘Profit and gain of business or profession'. As per Section 43(5) of the Income Tax Act, 1961, speculative transaction means a transaction in which a contract for the purchase or sale of any commodity including stocks and shares is settled otherwise than by the actual delivery or transfer of the commodity or scrips.
Dintakurthi Tirumala
(Expert)
22 April 2014
Yes, agreed with Mr.Pradeep Shah's reply.
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