hi…myself shanmukh… I have salary income, arrears from salary, LTCG &STCG. I have traded in FnO and intraday prematurely… My intraday turnover is 600 and profit is +1/-(without expenses)…My options turn over is 58000 and loss of -15000/-(without expenses)… Which ITR i need to file?.. i think ITR 3 suits me based on readings from some QnA…Tax Audit is necessary in my case? a lot of confusion in that…kindly clarify me…thank you
Since you had transactions in intraday and F&O ITR-3 will be applicable to you.
As per my opinion since the turnover and loss is very less a CA may not recommend a tax audit in your case.
What is the criteria for maintaining book of accounts. If my taxable income is <2.5 lac and turnover, loss from intraday trading are 10k and 7k respectively, do I need to get it audit and maintain book of accounts too?
You should, however file your ITR and report your losses to carry them forward. Tax audit won’t be applicable because your income is below the basic exemption limit of INR 2.5 Lakh and turnover less than the threshold of INR 10cr.
intraday profit 237000 turnover(239000)
short term profit 118000
charges (-81000)
futures profit 8000 turnover(8000)
options (-55000) turnover(9600000)
charges(-33000)
net profit is 194000
no salary income
do i need to audit as income is less than 2.5 lakh but turnover is near 1 crore
can i carry forward loss without audit by filing in itr 3 only and there will no penalty from itr?
Hi,
My total income after all deduction calculates to 2.7 lakhs .
My turnover is approximately 1.4Cr in trading Future and options and as well as equity combined.
I have a loss of around 1.7 lakhs In trading.
So is tax audit applicable and may I please know which ITR has to be filled.?
Under the presumptive taxation scheme, you can declare your profits at a predefined rate and let go of maintaining books of accounts.
However, you cannot carry forward your losses under the presumptive taxation scheme.
This article might be helpful to carry forward and set off losses