ITR-3 Presumptive 44AD + Business income - Requirement of Audit

👉 Audit is required

✔ If total income exceeds exemption limit

✔ Because trading profit is < 6%

👉 Audit not required

✔ If total income is below ₹2.5 lakh

👉 Tuition under 44AD remains unaffected.

Thank you very much sir. What is exemption limit? Is it total income - 2.5 lakhs? or something else?

1) Intraday trading is to be reported as speculative profit under Business Income.
In your case it is a loss and you can carry it forward for 4 years

2) Short term stock trading profits (provided they are delivery based) are to be reported as capital gains

You do not need to get your books audited as long as you are within 1 crore threshold of your income and reporting presumptive income which is not less than requirements of Sec 44AD.

Thank you very much.

If intraday is shown under speculative business income, do I have to submit the balance sheet etc.?

What if my total income exceeds the basic exemption, do I require auditing?

If I dont want to show it under normal business income can I show it in the presumptive head?