I used to submit income (from tutions) under presumptive in ITR-4 under 44AD for more than last 10 years.
Now from this year onwards started trading in stocks.
1) There is net loss in intra day trading. The turnover is about 12000/-
2) 4.2% profit in short term trading with turnover - 2.7 lakhs.
From this year onwards I think I have to use ITR-3. And I will show the tutions money as usual in 44AD section and stock trading income under normal business income.
My question is whether audit is required or not since I am not switching from 44AD presumptive for tuitions money but adding extra for stock trading?
CAclubindia
