ITR applicability, Business or Presumptive Income and Tax Audit

I have below query for AY 2021-22
I have 5 lakh salary income as my main source of income.
Short Term and Long Term Capital Loss around 1 lakh from Mutual Funds and Listed Stocks
Brought Forward Long Term Capital Loss from Previous Year
Rs 500 Intraday Turnover which is also Rs 500 Intraday Loss

Is ITR 3 or ITR 4 Applicable in this case
Intraday Loss of Rs 500 should be shown under Business Income or Presumptive Income and under which section it falls and which ITR it is to be filed.
Is Tax Audit applicable for this small amount of Intraday turnover.
Thank you for your help.


@TeamQuicko please reply ASAP

Hi Akash

You will have to file ITR-3 since you have an intraday turnover which is a speculative business.
You cannot opt for presumptive scheme since your income is > 2.5 lacs.
Tax Audit will be applicable u/s 44AB because you’ve incurred speculative losses.

You can carry forward this loss of INR 500 for 4 years and set-off against any speculative gains in the consecutive years.

Hope this helps.:slight_smile: