ITR filing, which plan to opt

Income Tax Act 1961
1

My total income for the year was 7 lakhs.

I have income from Bank interest,Short term capital gains & long term capital gains from shares. Besides these, I get money from son

Hardly in year there are 50 contract notes in a year

Can Quicko help me in ITR filing

Which plan is suitable for me

2

Hey @Anita_Saraf,

Yes, Quicko can definitely help you with your ITR filing.

Based on your situation, this would be the right plan for you: ITR for Investors, click here.

3

business profession : share stock market trading only . and no other source of income
100% digital online transaction . turn over 2 crores .
if i choose ITR 4 presumptive taxation .

option 1 :
i have to declare profit @6% of the turnover , irrespective of the actual % profit

OR

option 2 :
i have to declare profit@6% of the turnover or the actual % ; whichever is Higher ?

i am confused !

some C.A.s say : option 1 is right and some C.A.s say option 2 is right ?

What is the truth ?

@Diti_Savalia
@AkashJhaveri
@Priyanshu_Agarwal
@Aangi_Morakhia

4

Hello @HIREiN

You should declare profit @6% of the turnover or actual profit whichever is higher. Presumptive taxation scheme was introduced for small taxpayers who do not maintain their books of account and cannot ascertains their true profit / loss.

Also showing only 6% profit while filing ITR while the actual profit is higher may lead to demand and penalties as it is considered as underreporting of income by the department because a stock market trader can always ascertain their profit through the profit and loss report provided by their brokers.

Hope this helps !!