Non speculative business income tax filling for delivery "equity" swing trading?

Income Tax Income from Business or Profession
1

I want to do 1 week duration “equity delivery” swing trades with 3-4% profit target . so may be 3-4 equity trades per month . let’s presume “equity trading is my only primary income”.

So my question is :

  1. will is have to fill tax as “non speculative business income” instead of just paying STGC tax as frequency of trades taken are going to be high in a year example like 36-40 equity trades per year .

  2. do i have to maintain " balance sheet " as well as " P&L statement " if business income is chosen or Quicko DIY tax filing will automatically put this much of equity trades in a year in to business income and i don’t have to maintain " balance sheet " as well as " P&L statement " ?

2

Hey @008ajit

If you trade frequently and consistently, and your primary objective is to earn profits from trading in securities, the income may be treated as business income. However, only intraday trading is classified as speculative business income. You can refer to this thread Can I report capital gains as business income in my ITR? for more details.

Hope this helps!