ITR Form Selection Help Required!

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Hello

I am a senior citizen(with almost 2 years of experience) and have been filing ITR4(presumptive income) till last year since I had my software development/consulting contracts. However, this AY , I have no income to report from business/profession but only interest income from deposits. Additionally , I did some intraday/short term trading(Speculative Income)

     1. Which is the correct form I should use to show Speculative income , profit/loss ?

      2. Will I have to go thru to audit/preparation of books etc.?

         (ITR4 presumptive income didnt mandate to keep books, audit etc..)

      3. Can I still use ITR4 and show Speculative Turnover as Business Income ?

          (I think , in this case , I may not be able to carry forward my loss?)

Help Required!!!

Thanks in advance

regards

SK

 

 

  

Replies (3)
Quick Summary
A senior citizen who previously filed ITR4 for software development income is now seeking guidance on the correct Income Tax Return (ITR) form. This financial year, their income consists solely of interest from deposits and some speculative intraday/short-term trading. They are unsure if they can continue using ITR4 by declaring trading turnover as business income under presumptive taxation (44AD) or if they must file ITR3, and whether an audit will be required given their income and turnover levels.

  1. ITR 4 if you wish to declare minimum 6 % gain over the intraday trading Otherwise ITR 3 for carry forward of loss.
  2. No audit required if turnover is below 10 Crs.
  3.  Correct.
Assesse and nature of income
Thank you. I am a senior citizen(with almost 2 years of experience) and have been filing my returns in ITR4(presumptive taxation,44ADA) till last AY (software development/consulting/Information Technology contracts). However, this AY , I have no income to report from information technology but only interest income from deposits and ADDITIONALY , during Feb-March'24 (just 2 months and turnover less than 1.0lac), I did some intraday/short term trading(Speculative Income). Gross income is less than 50 lacs. 1. Can I continue to file ITR4 and show intraday trading + short term turnover as gross Income and opt for 44AD, 6%(all digital transactions) and file my return ? I prefer this as since there are only few transactions and well within prescribed limits, I can do this myself without books/audit etc. I understand , with ITR4(44ADA), one wont be able to claim any expenses and will not be able to carry forward loss. 2. Is it mandatory that I have file ITR-3 only? Will I have to go thru to audit/preparation of books etc.? ( I am well under Rs.50/75 lacs) Help Required!!! Thanks in advance regards SK

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