04 August 2014
my client has a business of shares with intraday trading nature of speculation
FOR F.Y 2013-14(A.Y 2014-15) SALRY INCOME 180000 INTEREST INCOME 200000
SPECULATION LOSS (intra day trading) -8950 S.T CAPITAL LOSS -90500 Total intra day turnover 90 lacs
I CANT FILE RETURN UP TO 31-07-2014,
01. which return shall be necessary for this situation, i.e. itr -1 , itr-4 ? 02. shall be necessary for doing audit? 03. shall be necessary to disclosed speculation loss? reply urgent
04 August 2014
I beg to differ from other expert opinion.
1. You need to get the audit done to claim the losses. Please refer section 44AD(5). Where turnover is less than 1 cr but profit is also less than 8% of the turnover audit is required if total income exceed Rs 2 lakhs. given that you have losses, audit shall apply.
2. Thus, first get the audit done and then file the return by 30 sept to get the carry forward of losses as due date under section 139(1) for tax audit cases is 30 sept.