13 December 2020
Hi, I am a salaried person and have total income above 5 lac. I did some intraday trading and had Intraday Profit - Rs.11 Intraday Turnover - Rs. 3010
As per some articles that I read on cleartax, quicko etc., It seems like I should file ITR 3 and since, my Intraday profit is less than 6% of turnover - I am liable for tax audit.
I wanted to confirm regarding the same. Is it fine to consider it as SCTG and file ITR 2/3 so that I don't have to get tax audit done?
14 December 2020
Thank you very much sir for the advice. One follow up question - While filing ITR3, do I have to put this transaction as Business Income. And what about maintaining Book of Accounts?
16 December 2020
Hi CA R SEETHARAMAN & Spurto Consultancy,
Thanks for the advice but I found a different opinion on some other articles. As per that, if I use 44AD and file ITR 4, then I have to show a minimum of 6% of turnover as profit. Otherwise, I will be required to do tax audit.
If I don't use 44AD and file ITR3, I have to show it as normal income and maintain book of accounts and also do tax audit.
28 October 2021
I beg to differ, though speculative business, intraday business is eligible for presumptive assessment u/s. 44AD, provided other criteria are satisfied.
CAclubindia
