New options trader needs some clarifications

A Kar (Nil) (79 Points)

29 July 2017  
Hello, Slightly late in the day to ask this, but to keep the story short - new options trader, no other income other than bank interest. Made a loss of about 50000. I never realized requirement to calculate turnover etc., assumed only profit or loss need to be shown. My queries are 1. Shall I submit on Sugam (ITR 4)? Reasons - It is almost impossible to for me to understand all sections of ITR 3. Also I read that traders who have shown losses have got limited scrutiny notice for turnover - sales mismatch. Problem - Realized that there is lot of confusion about options turnover calculations and AOs sometimes put arbitrary high amounts. In Sugam if there is a confusion about turnover, the income and hence tax changes accordingly. 2. Shall I submit (ITR 3)? Reasons - My loss remains constant even if the AO decides higher turnover, so no chance of higher outgo of taxes, Worry - 50000 loss on 16 lakhs turnover may invite scrutiny. Plus I dont know where to fill these details in ITR 3. Is there any website or youtube video link for traders? 3. Can scrutiny notice be served even if there is no taxable income? and finally 4. What is sundry debtor and sundry creditor amount for a stock/fno trader?