E-filing ITR $

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  1. Mohit Kothari

    Mohit Kothari New Member

    I am a salaried person employee and frequently trade in share, both intra day and delivery and have speculative income and STCG. Now i am filing the return and i have following question-
    1) Can I file any ITR other than ITR4
    2) If i file ITR 4, I have to show the intra day profit as speculation business income, how should i present it? I am not able to find any exclusive option for speculation income in "profit and Loss" sheet to fill it. Should i fill in 1 A iii (F!9)?
    3) As i will have to fill the balance sheet also, what should i declare as assest and liabilities?
    4) Do my personal asset (like gold,FD etc.) also need to be disclosed in the balance sheet?
    5) Can i show this income as presumptive income under section 44AD and give tax only on 8% of the turnover?
    6) If 5th answer is yes, how should i disclose this in the ITR? I am not able to find any cell where i can show this income as presumptive income. Kindly tell me the sheet and cell number.

    Thanks in advance :)
  2. ZED

    ZED Well-Known Member

    Nope, because intra day transactions are considered as speculative transactions from business [S.43(5) of the Income Tax Act]

    Check schedule BP.
    I advice you take proper consultation from CA in your locality. There can be many factors which may require specific attention. This might be rather more beneficial to you.

    No, but if your income is more than 50 Lacs then you are liable to disclose your assets and liabilities in schedule AL


    If the gross turnover is upto 1 Crore.
    Once you opt presumptive taxation then you can not opt put of this till next 5 years. That means even if there is loss in any of the next 5 years, you will have to declare profit ,unless you get the accounts audited.
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