Which return shall be necessary for this situation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2014 my client has a business of shares with intraday trading nature of speculation

FOR F.Y 2013-14(A.Y 2014-15)
SALRY INCOME 180000
INTEREST INCOME 200000

SPECULATION LOSS (intra day trading) -8950
S.T CAPITAL LOSS -90500
Total intra day turnover 90 lacs

I CANT FILE RETURN UP TO 31-07-2014,

01. which return shall be necessary for this situation, i.e. itr -1 , itr-4 ?
02. shall be necessary for doing audit?
03. shall be necessary to disclosed speculation loss?
reply urgent

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 August 2014 1. itr4
2.what is the gross reciepts i.e without deducting any exp if crosses rs 100 lakhs then yes tax audit is applicable else not

3.yes and should be carried forward if its not set off.

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2014 how to carry forward, if return is belated.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 August 2014 no , in such case carry forward is not possible as condition to carry forward is that u need to file itr on or b4 due date.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 August 2014 I beg to differ from other expert opinion.

1. You need to get the audit done to claim the losses. Please refer section 44AD(5). Where turnover is less than 1 cr but profit is also less than 8% of the turnover audit is required if total income exceed Rs 2 lakhs. given that you have losses, audit shall apply.

2. Thus, first get the audit done and then file the return by 30 sept to get the carry forward of losses as due date under section 139(1) for tax audit cases is 30 sept.

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