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How to file itr of partnership firm which involved in the business of share market

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CLIENT 2

21 Points Posted on 02 September 2021

I have incorporated a Partnership Firm for the sole purpose of Investment in Stock Market. We are doing this investment and trading ( F&O and intraday ) activity through a stock broker. No other business activities are done in this partnership firm. Now, the income arising from this business has to be treated as Income from Business or as Income from Capital Gains.

our turnover is approximately 1.10cr so there is any requirement of audit.

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Quick Summary

This discussion clarifies how to file an Income Tax Return (ITR) for a partnership firm primarily involved in share market trading, including F&O and intraday activities. The advice confirms that income from such activities should be treated as 'Income from Business'. It also addresses audit requirements, stating that with a turnover under £2 crore, an audit is not necessary for Assessment Year 2022-23.