speculation loss in ITR 3
Kalyan Jagtap (25 Points)
31 August 2018
how to show speculation loss in ITR 3?
14 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177846 Points)
Replied 31 August 2018
Can opt for sec. 44AD, if profit margin 6% or more....
Otherwise depending upon turnover, audit would be applicable.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177846 Points)
Replied 31 August 2018
Yes, ITR4 is for presumptive income declaration, which includes sec. 44AD....
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177846 Points)
Replied 31 August 2018
Any specific reason for selecting ITR3??
Rules for presumptive assessment are same......... whether declared in ITR3 or ITR4 !!!
Kalyan Jagtap
(25 Points)
Replied 31 August 2018
we have retail business as wel as share trading,short term, long term and speculation also
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177846 Points)
Replied 31 August 2018
Retail trading, and speculative business profits....... both can be declared u/s. 44AD....... under 'no accounts case', be it ITR3 or ITR4.....
But if you wish to declare loss under any such business, maintanance of books of accounts and tax audit by a CA is mandatory. So contact any nearby CA......
Kalyan Jagtap
(25 Points)
Replied 31 August 2018
We have maintained books of accounts.
But our turnover is just 20 lakhs around.
But our turnover is just 20 lakhs around.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177846 Points)
Replied 31 August 2018
Including speculative business?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177846 Points)
Replied 31 August 2018
So, when your aggregate turnover exceeds 25 lakhs, and if your aggregate income also exceed BEL but not crossing 6/8% of aggregate turnover, you will be required to submit audit report with your ITR.
Anjani Kumar
(Manager)
(128 Points)
Replied 15 June 2019
Dear Sir,
If we done with a speculative loss, what to do, Please help
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177846 Points)
Replied 15 June 2019
File ITR 3 with books of accounts and adjust/carry forward the loss for set off against any speculative income, upto next 4 years.
curiousv
(Mr.)
(82 Points)
Replied 11 July 2024
Sir so are you saying 'for no account case' - one can not report speculative activity loss (intraday trading loss)?
Did anything changed this year? last year I had a small loss for intraday trading and I did report negative (loss) under no account case
This year their online filing is not allowing me to enter NEGATIVE value
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