Which ITR is applicable for Income from Salary, STCG, Trading both Intraday and F&O

ITR 536 views 6 replies
  1. Which ITR is applicable for income from different sources like
    1. Salary
    2. Short Term Capital Gain (STCG) from shares 
    3. Speculative Income from Intraday Trading
    4. Non-Speculative Income from F&O Trading
  2. Whether the income from Indraday and F&O can be considered as Business and Profession and if yes then below expenses are eligible for deduction for claculating NET Taxable income or not
    1. Remuneration to expert (part time monthly basis) for fundamental anaalysis and market analysis
    2. Interest paid to spouse and brother for capital raised for trading and investment at standard market rate of 15% yearly (It has been considered as income from interest for spouse and brother while calculating their income)
    3. Mobil phone purchase for trading
    4. Internet and mobile expense
    5. Antivirus for PC
    6. STT and other transaction charges including brokarage fee
Replies (6)

ITR-3 needs to be filed.

Yes you can claim the mentioned expenses provided you have evidences and are legitimate expenses.

File ITR3

ITR 3 is to be filed, profit loss from future and option- business income, intra day trading- speculative business income, other expenses that you have written is allowed to be deducted.

Iam in somewhat similar boat like the thread starter.

All these years I was filing ITR1.only income is FD interest .

Now FY2020-21- I do have  main FD income & stock /currency commodity trading .

I have to file ITR3 . with audit or with out audit I am yet to calculate turn over.

main trading is intraday stocks or BTST /max 3-5 days in stocks (short term trading )

I dont trade futures in stock or stock index.

but I trade regularly  NSE currency futures (INR-GBP-EUR etc  )& MCX silvermicro (1kg) futures  & Goldguinea (8gram )futures

so currency futures & commodity futures are business income right ?

Thanks

 

File ITR3. You are right. They are business income

Thanks for your reply

STT /stamp duty paid & brokerage piad can be claimed 

1) intraday stocks ? ( i think not)

2) STCG -delivery stock trades ranging from next day to 1 month? can clain STT/stamp duty incurred?

3)Derivative trades (currency & commodity futures ----under Business Income - Can clain STT/Commodity transaction Tax ,stamp duty etc? 

4) To file ITR3 with or with tax audit - one needs Digital signature or can mail to bangalaru (like mailing  ITR5 while filing ITR1)


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register