Query Related to ITR - 1 and ITR - 4

If your client has only pension income and share/mutual fund trading income, and no other business or professional income, they may be eligible to use the ITR-1 form. However, it's crucial to note that ITR-1 does not provide specific provisions for reporting trading activities. In this case, you would generally report the pension income in the respective field for pension in the ITR-1 form, but there may not be a specific provision to report share/mutual fund trading profit or loss.

If your second client has small business income and share/mutual fund trading income, they may be eligible to use the ITR-4 form. The ITR-4 form includes provisions for reporting business income, including presumptive income under the mentioned sections. The share/mutual fund trading activity can be reported as a business activity, and the profit or loss from such trading can be included in the computation of business income in the ITR-4.
To learn more about ITR - 2 & ITR - 4

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