I generally assist people in filing taxes. I came across one case.
The person is earning upwards of 20Lakhs in salary income. Having an STCG loss of around INR10000, Intraday trading turnover is just INR300 and the intraday loss is 106 rupees. Since intraday is considered Business/Professional income and the person has incurred the loss.
Should I recommend the tax audit under 44AB or file the return under ITR3 without an audit?
What should be the course of action?
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Salary - 20Lakhs, Intraday Equity Trading Turnover INR300 & Loss INR106. Need tax audit in ITR3?
Replies (3)
No audit mandatory in this case. You can file it under no account case also.
| Originally posted by : Dhirajlal Rambhia | ||
 |
No audit mandatory in this case. You can file it under no account case also. |  |
Sir, I asked him to go for ITR3 without an audit. Any chances of getting a notice?
No. No chance, if ITR properly filled.
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