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Confused about Intraday losses while filing IT Return

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Prep4 All

1 Points Posted on 29 July 2021

I am a salaried individual with income greater than minimum exempt income.
I am a rookie trader, with <10000 STCG last year, and a intraday loss of Rs. 52. My total turnover of intraday is Rs. 52 for last FY.

I am okay about filing STCG. But for the Intraday losses I am confused. If I file the loss, it’s showing audit recommended in Quicko as per IT guidelines as my salary is >2.5L and profit is <6%.

I am sceptical about tax audit for such small amount.

Do I have any option? I don’t want to carry forward the losses as well. Please guide…

Replies (2)

Quick Summary

A novice trader is seeking guidance on how to report a small intraday trading loss on their income tax return, especially when their salary income might trigger an audit recommendation. They are confused about the process and wish to avoid a tax audit for such a minor amount, without needing to carry forward the loss.

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 30 July 2021

No need for tax audit. Salary not covered under business part and 6% not applicable thereon.

I advise you to consult some CA for your return filing. However till now form is not available.