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)
  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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