I have swing trading income and not other sources of income on Trading. I want to declare it as my legal business and primary source of income. So what is the taxation requirement and which ITR do I file?
Hey @dhruvi16 ,
Income or loss from Swing Trading will be taxable under the head Income From Business and Profession. You need to prepare and maintain books of accounts for your trading activities. You can claim all the trading related expenses while preparing your books of accounts. Hence keep the invoices and supporting of all the expenses with you. For example, keep the invoices of fees paid to an advisor, software purchased for trading analysis, online subscriptions paid etc.
You need to file ITR-3.