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salary person- STCG loss

28 July 2018

I'm salary person

and done Intra day, STCG and LTCG in shares transaction, all in losses

which ITR should be file for above case

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14 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182059 Points)
Replied 28 July 2018

ITR 3

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prashant desai (190 Points)
Replied 28 July 2018

ok thanks
but what about IF sheet in ITR 3

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182059 Points)
Replied 28 July 2018

Whichever schedule not applicable........ should not be filled........

prashant desai (190 Points)
Replied 28 July 2018

not processed due to......

error "Atleast one row is Mandatory in schedule IF"

schedule SPI_SI_IF

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182059 Points)
Replied 28 July 2018

You might have selected business code......... 00001

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prashant desai (190 Points)
Replied 28 July 2018

yes sir
what is the resolution for this

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182059 Points)
Replied 28 July 2018

For Intraday trading....... you can select 13018....... & not partner's code...

prashant desai (190 Points)
Replied 28 July 2018

ok thanks

rama krishnan (12239 Points)
Replied 28 July 2018

why can't ITR 2 instead of ITR 3?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182059 Points)
Replied 28 July 2018

Intraday transactions....... under PGBP head !!!

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rama krishnan (12239 Points)
Replied 29 July 2018

yeah got it thanks...

J S BHAVSAR (CONSULTING) (1288 Points)
Replied 30 July 2018

Salaried person with Intraday speculative income + STCG + LTCG then ITR2 is enough, no need for ITR3.

For the intraday speculative income, it will be Income from Other Sources (30%) tax payable.

STCG - regular 15% tax

LTCG - exempt if held beyond 1 year

Loss to be filed in Schedule CFL to be carried forward.

Peeyush (Proprietor) (54 Points)
Replied 31 July 2018

What about Speculation gain / loss in Future and Options, will it come in Other source too. Althoug i agree ITR 2 is enough as there is no reference to consider such activity as Business activity, Just my view.

J S BHAVSAR (CONSULTING) (1288 Points)
Replied 31 July 2018

When Salary is main source of livelihood, ITR2 form and then any income from F&O should get into Income from Other Sources (Speculative Income) which will directly involve 30% tax. That is my understanding.

We should hear from experts here.