25 August 2020
Until last year, I had income from salaries and interest on FDs. The income approx Rs 3.5 lakhs which was less than the taxable limit. I used to file ITR2. But from April this year, I don't have any salaried income. I have taked OD facility on my FDs and started trading in the stock market. I may have an estimated turnover of approx Rs.6o lakhs and may be approximately 600 transactions. Can I continue to file the IT return in ITR 2. Will I be considered as an investor? Do I have to maintain a minimum rate of profit in my transactions. I wish to seek clarifications on this matter.
26 August 2020
Do you have any intra-day transactions or Futures and options? If yes, then it would be considered as income from business and ITR-3 would be required to file.
Else, you could continue to file ITR-2.
For any queries, you could contact at caankithjain@gmail.com.
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