Hi
I have salary income of 1.2 lacs and f&o loss of 9k last year. Can I file ITR-4 declaring 6% income from f&o ?
Yes, you can opt for the presumptive scheme if you have profits. Since you have a loss, you will be filing ITR 3 as you canāt opt for the presumptive scheme.
Which ITR should I file ?
in on Account stock market Intraday losses
another stock market Short term losses
in both ITR -1 was filed previous year
Thanks madam for response. I also have carry forward losses (Speculative B&P) of FY 20-21 & FY21-22. No STCL LTCL looses in FY 22-23. Also I sold my flat and bought new during same year on loan. Which ITR is applicable to me.
I repeat I have: Salary income, professional fees, carry forward looses (Speculative B&P) from FY 20-21 & FY21-22., proceeds from property sale, no trading income.
Also madam proceeds from flat sale to be shown under which head?
You will be required to file ITR 3 as you have business & profession income.
Sale proceeds from the sale of flat will be shown under capital gains. You can also claim exemption u/s Section 54 of Income Tax Act on Sale of House- Learn by Quicko.
Hope this helps.
For any further assistance with your taxes, you can book a MEET.
Hey Shrutika, Thanks a lot. Thanks a lot to the @TaxQ&A Team as well. Also @TeamQuicko is doing an amazing job to simply tax filing.
1 Like
A quick question. My wife is an house wife and has made intra day profits Rs 1100 and short term profit .217. She has no other income than her own savings. Is it necessary to file IT retn. Further AIS is underreported.
Second , can she file it in ITR2 without reducing income or onlu ITR3
Hi @Venkat
If this is the income for the entire year for her, it is not taxable as it is less than the basic exemption limit.
We recommend filing an ITR 3 as it is intraday income which is a speculative business income. In ITR 2 STCG can also be reported.
The income is for the FY 22-23. So I need not file since it is less than 2.5 lacs. So you mean to say that it is better to file in ITR3 where both speculative business and STCG can be showed. What I understand is though less than exemption limit it is better to file in ITR3 . Am I right?
Hi @mathi
As per law, if your income is less than the basic exception limit, it is not mandatory to file a return.
But it is always advisable to file a return no matter what the income is.
In case you wish to file, you should file ITR 3 as you have both speculative business and STCG.
Thank you very muchš
Hi,
I have recently started full time intraday trading. So for FY 23-24 i donāt have any other earnings except profits from intraday which is under the tax exception limit. So in this case still do i still have to mention it on ITR for 23-24 .
For FY 24-25, how i will calculate my tax as I am doing it as full time job.
Kindly help me on this.
Thanks
Hey @afzal_usmani,
Yes, income from intraday trading is considered as speculative business income and the same needs to be reported under the income head- āincome from business and professionā. ITR-3 needs to be filed in this case.
Moreover, for the upcoming FY as well, the income needs to be reported as business income and tax needs to be calculated as per the applicable slab rate.
Hope this helps!