18 February 2016
For AY 2015-16 a return was filed ITR 4 where Salary income and speculation loss was claimed. The speculation loss comprises of intra day share loss of Rs. 6000. The same is shown in ITR as speculation loss to be carried forward. Return was filed in time.
Now, Department issued a notice of defective return stating that since loss is claimed in profit and loss from busienss profession, audit report to be submitted or profit more that 8% to be declared.
What should be done in this case as in my opinion its not a business but intra day loss but as per provisions to be claimed as speculation loss.
18 February 2016
Yes. you are correct, loss from Intraday loss speculation loss only. there will be some other technical issues in ITR please check , the speculation loss shown in proper place in ITR and carry forward
18 February 2016
My view problem with your ITR itself. because ITR-4S can be used those who filling income tax return under presumptive business,there you cannot show the speculative losses. file the return correct return by using ITR-4
18 February 2016
Yes it was done same in ITR 4 and then they asked to file audit report or declare more tha 8%, and have put it under defective return.
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