Pacer (C) (86 Points)
29 June 2012Dear Experts,
I am a salaried person and I have little intraday trading (stock exchanges) income in last financial year.
In addition to salaray, I also have income from bank interest and short term capital loss.
Can you please advise which return filing utility I should use in this scenario?
Thank you for all your help.
Regards,
Pacer
(C)
(86 Points)
Replied 29 June 2012
Dear Neha,
Thank you for your reply.
Can you please also advise on the classification of intraday gains in this scenario?
Will they be considered under STCG? or is there any other way to tackle the same? And how should I pay the relevant tax?
I learnt that intraday gains can not be compensated with STCL.
Thank you in advance for your help.
Regards
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 29 June 2012
Intra day Trading income is treated as Speculative Business...!!
Rates are similar to Business Income i.e. Slab Rates of IT Department.
Pacer
(C)
(86 Points)
Replied 23 July 2012
So does this mean that I have to file ITR - 4?
I have not gained even 5000/- INR in the entire game and filing ITR - 4 seems to be a quite tedious task.
Is there any alternative?
Can I file ITR - 2 and indicate this small gain under some head and pay the tax accordingly?
Please advise.
Thank you.
CAclubindia
