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
CAclubindia
