banner_ad

ITR Form Selection Help Required!

Others 248 views 3 replies

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)
  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


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Topics
Loading
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details