Hi,
For lack of better sense I ended up doing some intraday trades last year. It was a very small amount (turnover 15k) and I made a loss overall.
I'm reading mixed things online that I will need to declare this in ITR even if I make a loss and need to get audited. Is this true even for such a low turnover? I'm considering the below options -
1. File ITR1 and skip declaring this altogether given I don't want to carry forward the loss.
2. File ITR3, declare intraday turnover under presumptive business and pay tax on 6%.
I have many people tell me to go ahead with #1 given it's not a source of income and that it's a one time thing.
I'm wondering if #2 is more correct and safer way. Looking for confirmation.
In either case, I would want to avoid the hassles and costs of going through an audit. What would be the most appropriate thing to do in this case?
CAclubindia
