miss
45 Points
Joined June 2022
Complete brief of the question ---
My CTC is 5 lac and earlier i used to fill ITR as salaried only .
This year my fno intraday trading turnover went to 1.4 cr. and i made a loss of 1 lac gross (70 k loss , 30 k brokerage). All the transactions were done digitally at the broker , Can you please suggest how should i fill ITR ideally .
I have never shown presumptive profit and have never got audited ealier.
CAs suggested two options-
1. if i go for presumptive profits - i will have to declare 6% profit and then my tax liability will be around 1 lac or more, since i haven't done any investments.
2. I get my account audited and then they can show loss in my books and then this fno loss can be carried forward .
Although, i have no plans to carry forward loss since i will stop fno completely .
but then also as per the suggested options , i feel getting audited is more beneficial . If you have any other solution please guide