Which ITR should be file
This query is : Resolved
LEELA GOLIYA
(Querist)
14 October 2020
Gud Evng......
I am doing trading/investing from last two year for which details as below:-
F.Y. 2018-19
Intraday loss Rs. 3450
Short term loss Rs. 650
Option loss Rs. 11700
Intraday/Options Turnover Rs. 2,87,000
Broking & other charges. Rs. 4500
F.Y. 2019-20
Intraday loss Rs. 1660
Short term loss Rs. 2200
Option loss Rs. 25200
Future loss Rs. 15000
Intraday/Options Turnover Rs. 4,82,000
Broking & other charges. Rs. 18500
So please suggest me that
1. Which ITR should be file ??
2. Whether it is require to maintain books of account and audited it ??
3. Can ITR 4 will be filled by declaring 6% of turn over inspite of having loss.
I am doing trading/investing from last two year for which details as below:-
F.Y. 2018-19
Intraday loss Rs. 3450
Short term loss Rs. 650
Option loss Rs. 11700
Intraday/Options Turnover Rs. 2,87,000
Broking & other charges. Rs. 4500
F.Y. 2019-20
Intraday loss Rs. 1660
Short term loss Rs. 2200
Option loss Rs. 25200
Future loss Rs. 15000
Intraday/Options Turnover Rs. 4,82,000
Broking & other charges. Rs. 18500
So please suggest me that
1. Which ITR should be file ??
2. Whether it is require to maintain books of account and audited it ??
3. Can ITR 4 will be filled by declaring 6% of turn over inspite of having loss.
CA R SEETHARAMAN
(Expert)
14 October 2020
1 File ITR 3 inview of speculative intra day trading.
2 Tax audit not applicable in view of income below basic exemption.
3 Not possible in view of speculative business.
No need to file ITR in view of non taxable income.
2 Tax audit not applicable in view of income below basic exemption.
3 Not possible in view of speculative business.
No need to file ITR in view of non taxable income.
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