Hi,
Please go through my scenario and suggest which ITR should I file: ITR 2 or 3.
I'm a salaried govt employee and in FY2016-17, I started learning/investing in stock market. Although I'm not a day trader, I (unknowingly) ended up doing a few transactions without taking delivery. These are the figures in the tax P&L statement issued by my broker:
Intra-day / Speculative profit: Rs. -456 (loss)
Intra-day / Speculative turnover: Rs. 456
Short-term profit: Rs. 2700
Short-term turnover: Rs. 352141.95
Long-term profit: Rs. 0
Long-term turnover: Rs. 0
I understood from the internet that one has to file ITR-3 if speculative trading is involved. Else, ITR-2. In my case, since I have not done any major intraday transactions, is it okay if I file ITR-2? I have no intention to fool the IT dept by paying less tax. I intend to pay the govt every penny I ought to pay.
This is what I read in an article posted in 2015 in business standard: "Tax experts say if a salaried person does not trade regularly in F&O or intraday, and has losses below Rs 30,000, it's best not to claim losses and fill ITR-2."
CAclubindia
