I am doing Intraday share trading in cash section. I made a total loss of 54,000 in Share Trading for the Financial Year 2014-15. My total (intraday) turnover for the whole year was approximately 52,00,000.The (Intraday) transaction has been arrived at by adding profit or loss made in each share traded in a day ( E.x. in a day 1. bought ITC 100 X Rs350 sold ITC 100 X Rs359 net profit after brokerage, STT etc Rs.300 . 2. Sold Infosys 10 X Rs2050 Bought Infosys 10 X Rs2100. Net loss after brokerage, STT etc. Rs.415. No other transaction for the day. The transaction for the day calculated by adding Rs.300 + Rs415 = Rs 715. Intraday Transaction for the whole year was calculated by adding transaction amount for all the days in the year).
I made a few delivery transactions as well during the year. (Ex. Bought ITC 150 X Rs.370 during first week of June and sold the same on 1st week of August 150 X 400).
I did not do any business in F&O section during the year.
Whether my intraday share trading will be considered as speculative business? Is it Mandatory for me to go for Tax Audit? How the delivery portion of share trading is to be taken for determination of total transaction? If Tax Audit is not necessary which ITR form is to be used for filing the return?
I am a Government Pensioner also and my total income from pension for the year is 2,60,000 approximately.
CAclubindia
