File itr

This query is : Resolved

ganapathy subramanian t s (Querist)
Follow

10 August 2013 Dear sir,

I like to know that whether the person has to file Income tax return for trading in Share and Stocks or not?

If file the return , what type of ITR should file? pl clarify it at earliest.

Pl clarify that what do you mean without delivery?
Regards,

TS Ganapathy.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

12 August 2013 1. Yes you should file the return.

2. Trading in shares (settlement WITHOUT taking delivery) is a speculative business.
Such income is taxable under the head Income from Profits or Gains of Business or Profession.