Itr query

Dear Gaurav,

You can file ITR 4 and get the refund.

You have to show the brokerage income under Income from Other sources. If your total income is below the taxable limit, you can claim the TDS deducted on brokerage as refund.

Fill ITR 2.

Thanks Sushil and Fenil for quick replies.

Sushil,

ITR 4 is very complicated for me. Becuase it asks for Balance sheet and P/L. How can i avoid that.

Fenil,

I come under 20% tax bracket and my full tax is already cut by my employer, so i have a nil tax balance. But i dont understand how to show this transaction even in ITR 2. Will this transaction come in my 20% tax slab? do i need to pay more tax?

you can file itr-1... no need for itr-2 if your income does not include any exempt income above 5000.... you need to show this brokerage income under other sources... since you come under 20% tax bracket, you will be reqd to pay extra 10% (excluding cess and interest) tax on such income.

I am still confused with the different opinions posted here. Can somebody please give me a concrete solution?

@ gaurav... i hope you are convinced that you dont need to file itr 4. now let me clear your confusion for itr 1 or itr2. both itrs are used to file return if a person has income from salary, house property and other sources. but the diff. is that if you have income from more than one house or your exempt income is more than 5000, then you are reqd to file itr 2 otherwise itr 1...... now you can yourself decide which itr to file....