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ITR filing - Income Head

Nitesh (Ipcc both group) (60 Points)

27 September 2020

Income of Salary and Capital Gain Source. (Both are combined below exemption limit)

there is Intraday loss of Rs. 650(Few Transactions) and short term profit of Rs. 150

can i use ITR 2 or need to use ITR 3 business Return.

Is it ok to ignore loss (Being small amount) and only show capital gain profit in return?

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5 Replies

CA Raj Doshi (Practising CA) (8924 Points)
Replied 28 September 2020

ITR 3 - Disclose presumptive profit on Intraday turnover under sec 44AD as business income. Do not ignore reporting the loss.

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sabyasachi mukherjee (27574 Points)
Replied 28 September 2020

44AD
The assesse has not claimed any deduction under
sec 10A,10AA,10B,10BA 80HH TO80RRB
THE ASSESSE SHOULD BE ENGAGED IN ANY BUSINESS.
HOWEVER FOLLOWING PERSONS ATE NOT ELIGIBLE TO AVAIL ANY BENEFIT UNDER SEC 44AD.
A PERSON CARRYING ON PROFESSION AS REFERRED IN SEC 44AA(1)
THERE ARE MORE CONDITIONS.

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Nitesh (Ipcc both group) (60 Points)
Replied 28 September 2020

If I disclose profit us 44AD than i will need to follow it for 5 years ?

Hardik vora (9 Points)
Replied 28 September 2020

U have option to go for 44AD with in 5 yrs, after that, in next 5 yrs u are not allow to go for 44AD.

Advisable to show in capital gain and file ITR2.
With c/f STCL of 500.

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