Query on ITR selection for an Individual (FY 2022-23)
Salary Income Rs.3,35,900/- Savings Interest Income Rs.17,628/- Short Term Capital Gain – (Rs.40,079/-) loss – from equity shares
Speculative (Same Day Squareoff): Total Sell Value Rs.19,59,767/- Total Buy Value Rs.19,40,668/- Gain Rs.19,099/-
Kindly clarify which ITR to be selected. I was advised to file ITR 2 and asked to club STCG loss & speculative gain, totaling a loss of Rs.20,980/- and report in Schedule CG under Short Term capital Gain (111A).
20 July 2023
For Intraday equity transactions, the turnover is calculated as the absolute sum of settlement profits and losses per scrip. So, your turnover would be much less as mentioned above. Based on the turn over you can file the business income under Sec. 44AD IT act, and there by no need to file BS or P&L acc. in ITR3.
20 July 2023
Sir, Applicable of Tax Audit for Intraday Trading: If your Intraday Trading Turnover is up to ₹2 Crore -If you have made profits of at least 6% of Trading Turnover: Tax Audit shall not be applicable. -If you have incurred a loss or your profit is lesser than 6% of Trading Turnover: Tax Audit is applicable if your total income is more than ₹2.5 lakhs (basic exemption limit).
Iam confused on this limit of Rs.2.50 lacs. In this case, If my salary income is more than Rs.2.50 lacs, is tax audit applicable.
CAclubindia
