Tax Audit and ITR Form

This discussion clarifies the correct Income Tax Return (ITR) form for individuals who incurred losses from intraday trading in FY 2019-20. It advises that ITR 3 is generally required for intraday trading, which is considered a speculative business. The advice also confirms that a tax audit is typically not necessary in cases of intraday trading loss, especially when the absolute turnover is below the usual thresholds.