ITR-4 Profit and Loss

No Problem. Its ok till you have supporting documents, which I think you will definately have owing to the nature of transacton. However, You may like to change the Term for Expenses from All Expenses Incurred to Brokerage & others or something specifically indicating the nature of expenses

Supreme Court has ruled in cases that mere Specifying the Values in wrong feilds of Return does not amount to Concealment of income and do not attracts any penalty or interest if the tax determined was paid.

Thank you Sir for your quick and accurate reply. 

My Pleasure. I generally try to give atleast an hour to Our Such a Nice platform of Professional

Sir your reply has cleared many of my doubts. Your efforts here for making taxation simple and easy for common people like me are really appreciated. Keep up the good work and thank you once again :)

If the Other Expenses include "Commission or Brokerage" Paid, then I would advise you to put the same in Point no. 22(ii) of the P&L Sheet. Rest of the expenses can be put in Point 38, but specify the nature of other expense if possible.

Now you state that you have already filed your return. There is no problem at all even if you have put the said expenses in a different head. What ultimately matters is that the income should be same both ways. According to tons of High Court and many supreme court rulings, merely specifying the values in wrong feilds of Return does not amount to Concealment of income and do not attracts any penalty or interest if the tax determined was paid(Courtesy Goutam Sharma ji). I agree with the expert at this point.

Thank you Sir. 

Thank you Sir.