Hi, I am house wife with home based small business of Beadworks and costume jewellery designing and selling this items in local group of peoples. My total Turnover and profit is less than 1 Lac rs per annum. Apart from this i have done intraday trading in last financial year and Lost almost 20000 Rs. As suggested by some of my friends and relatives, I should file ITR3 to claim the loss of Intraday trading in next 8 years. Also i am not in taxable slab,So i have below queries regarding ITR3--
1. Do i need to mention my beadworks in Nature of Business ? IF yes than what will be the Code for Nature of Business.
2. Do i need to maintain any books of accounts ? Also do i need to get it audited ?
3. For Intraday Loss of speculative Business where should i enter the loss amount in ITR3 ? I mean in Schedule BP section, in which coloumn, do i need to enter the loss amount ?
Thanks in Advance.
CAclubindia
