ITR applicability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2011 Sir

I am having salary income,income from futures and options,capital gain and paid interest on home loan in the last FY and I am individual.I want to file online return and to know which ITR is applicable to be?

I have downloaded ITR 4 but there is no option to show futures income.

pls suggest me

U S Sharma

U S Sharma (Expert)
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15 July 2011 futures income is business income

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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16 July 2011 It can be shown as income from speculation.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 July 2011 Income from 'trading in derivatives' is not speculative transaction vide proviso (d) to section 43(5) of the Income tax Act,1961. So ITR 4 is the appropriate form.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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16 July 2011 You have to file ITR 4 and the future income is to be shown as BUSINESS INCOME

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2011 thats the problem someone says its business income and someone says its not..how can it be made sure?and someone told me that its ITR4S and not ITR4???what to do pls help ..