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intra day trading turnover and Gross receipt In ITR 3.

Dev (Article Trainee.) (613 Points)

20 May 2019

Intraday Transaction (Speculative Income) -

Bought 100 shares @ ₹1000 and sold @ ₹ 1100.

Brokerage - ₹ 21, STT - ₹ 28,
GST - ₹ 5, Other Charges - ₹ 70,.
Please tell how to show in ITR 3..

Turnover, Gross profit, Expenses and Net profit.

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177798 Points)
Replied 21 May 2019

Turnover 100. Gross profit 100 Expenses as stated, net profit = GP- expenses.

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Dev (Article Trainee.) (613 Points)
Replied 21 May 2019

Thanks for reply. We can show in Item no. 65 of Schedule PL.
2 Doubts
1) can we also show this income u/s 44ad in ITR 3 as we dont maintain book of accounts?
2) Can we also entered details of Turnover and others expenses in PL account and Balance sheet as we maintain books of accounts?
In both cases, How department will get to know that this income was earned from a Speculative activities?

J S BHAVSAR (CONSULTING) (1288 Points)
Replied 23 July 2019

Originally posted by : Dev

Thanks for reply. We can show in Item no. 65 of Schedule PL. 2 Doubts1) can we also show this income u/s 44ad in ITR 3 as we dont maintain book of accounts? 2) Can we also entered details of Turnover and others expenses in PL account and Balance sheet as we maintain books of accounts?

In both cases, How department will get to know that this income was earned from a Speculative activities?

There will be many ways IT department coming to know if assessee PAN has NSDL / CDSL accounts or stock exchange transactions on BSE/NSE. They can also get to know this data from Bank filings.