Missed to declare the Intraday Profit in ITR

ITR 599 views 2 replies

Hamenth

Service

16 Points Joined March 2022

For FY24, my total intraday turnover was ₹80L, and I made a profit of ₹50K. My total income across all heads for the same year amounts to ₹3L. However, I just realized that I filed my return under ITR-2 instead of ITR-3, where the intraday profit should have been reported as business income.

The return has already been processed, and I received a refund of ₹200.

Should I file a revised return in this case? Is there any need for concern? Please advise.

Replies (2)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9610 Points Joined December 2011

To clarify, you're asking about filing a revised return due to incorrect reporting of intraday profit as income instead of business income.

Incorrect Reporting and Revised Return Since you've already filed your return (ITR-2) and received a refund, you should file a revised return (ITR-3) to correct the reporting of intraday profit as business income.

Reasons for Filing Revised Return You should file a revised return for the following reasons:

1. _Accurate reporting_: To accurately report the intraday profit as business income, which will ensure compliance with tax regulations.

2. _Avoid potential penalties_: Filing a revised return will help avoid potential penalties for incorrect reporting.

3. _Correct tax liability_: The revised return will ensure that your tax liability is correctly calculated.

Process for Filing Revised Return To file a revised return: 1. _Login to the income tax portal_: Access the income tax portal using your credentials.

2. _File ITR-3_: Submit your revised return using ITR-3, reporting the intraday profit as business income.

3. _Pay additional tax, if applicable_: If the revised return results in additional tax liability, pay the amount due.

Important Considerations 1. _Consult a tax professional_: Ensure accurate guidance and compliance with tax regulations.

2. _Maintain documentation_: Keep records of the revised return, supporting documents, and payment receipts.

By filing a revised return, you'll ensure accurate reporting, avoid potential penalties, and correct your tax liability.

Smith Sophia

4 Points Joined January 2025

Yes, you should file a revised return using ITR-3 to report your intraday profit as business income correctly. Since the return has already been processed, filing a revised return will ensure your income is accurately reported, preventing potential issues with Stimulation Clicker the tax authorities in the future. There's no need for concern if you correct it promptly, and you may be required to pay any additional tax if applicable.