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Share intra day income

raju (Associate) (25 Points)

29 June 2013

In the AY 13-14, I have made a STCG of Rs 10000 and a share intraday income of Rs 1900 and a turnover of Rs 10 Lacs for STCG and 6 lacs for intraday.

As the income from share intraday is small have not taken it under PGBP as filing ITR-4 is tedious. I have filed ITR-2 and considered share intraday as income from other sources and mentioned in the Source as "Share intraday trades".

Please advise whether their is mistake in filing the return or not. If their is a mistake, please advise measure to rectify it.

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1 Replies

Ankit Agarwal (Chartered Accountant) (35 Points)
Replied 29 June 2013

Mr. Raju,

Firstly intra day Transactions(non delivery based) in shares will be covered under the head Income from business or Proffession as Speculative Business. ITR 2 is for individuals having income other than business income. Thus, you have to show the intraday income under speculative business income and file ITR 4.