REQUEST FOR CLARIFICATION ON WHETHER SHARE TRADING ACCOUNT HAS TO BE AUDITED ??

v ramachandran (retired) (35 Points)

01 December 2019  

SIRS, I AM A  SENIOR CITIZEN HAVING A TRADING TERMINAL AT HOME. I HAVE UNFORTUNATELY RECEIVED CONFLICTING OPINION ON WHETHER I SHOULD GET MY SHARE TRADING ACCOUNTS AUDITED BY A CHARTERED ACCOUNTANT BEFORE FILING RETURN FOR CURRENT FY 2019-2020.  I HAVE STOPPED THE SHARE TRADING BUSINESS WEF 30TH NOVEMBER 2019 AND THE DATA OF TURNOVER FROM 1-4-2019 TO 30-11-2019 IS SUMMARISED BELOW:

KINDLY CLARIFY IF I HAVE TO HAVE MY ACCOUNTS AUDITED OR NOT.:

DELIVERY  PURCHASES:  41.47 LAKHS

DELIVERY SALES:              41.69 LAKHS.

 

SHORT TERM CAPITAL GAIN:  22000/-

 

SPECULATIVE PURCHASES(INTRADAY)    76.06 LAKHS.

 

SPECULATIVE SALES   (INTRADAY)            76.57 LAKHS

 

SPECULATIVE INCOME:                                     51000/-.

 

ITR 3 HAS BEEN FILED FOR FY 2018-2019 AND CARRY FORWARD BUSINESS LOSS OF 1.5 LAKHS IS THERE. THE PROFIT OF 73000/- FOR FY 2019-2020 - HAS TO BE SET OFF AGAINST THE CARRY FORWARD LOSS OF THE PREVIOUS YEAR.  

MY TOTAL INCOME INCLUDING OTEHR SOURCES WILL BE BELOW THE EXEMPTION LIMIT OF RS 5 LAKH FOR SENNIOR CITIZENS.

IN THE LIGHT OF THE ABOVE DATA PLEASE CLARIFY WHETHER I CAN FILE THE ITR 3 RETURN ( BUSINESS INCOME) OFFSET THE SHARE INCOME AGAINST THE CARRY FORWARD LOSS OF PREVIOUS YEAR  WITHOUT AUDIT OF MY ACCOUNTS. 

FURTHER CAN I FILE ITR 2 FROM NEXT YEAR IF I AM A INVESTOR ( NOT TRADER)

SHARE TRADING HAS BEEN STOPPED SINCE 30TH NOVEMBER 2019 .

REGARDS

V RAMACHANDRAN

COIMBATORE