J P Sahoo (a) (46 Points)
28 August 2024Dear Sir,
I am an employee of reputed IT company and have a CTC of approx 20 LPA and house rent income of 1.5 LPA. starting from this year , I do share trading all either Intraday or delivery trade. I have almost 5 lakhs profit made out of the trading, Which ITR i need to file ? whether I can file in other income section in ITR2 which I have been filing till date?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 28 August 2024
File ITR 3 with P&L from the shares trading.
jagdish chhugani
(engineer)
(1004 Points)
Replied 30 August 2024
ITR 3
PART A - P & L - PROFIT AND LOSS ACCOUNT FOR THE FINANCIAL YEAR 2021 - 22 (FILL ITEMS 13 TO 60 IN A CASE WHERE REGULAR
BOOKS OF ACCOUNTS ARE MAINTAINED, OTHERWISE FILL ITEMS 61 TO 65 AS APPLICABLE)
65 - INCOME from speculative acitvity YHIS IS FOR INTRADAY
FOR DELIVERY ITR 2 IS OK
NEED TO FILL NATURE OF BUSINESS OR PROFESSION Code
J P Sahoo
(a)
(46 Points)
Replied 30 August 2024
Thank you for the details.
"FOR DELIVERY ITR 2 IS OK" - could you please let me know which schedule/section in ITR2 i can fill for delivery trade
jagdish chhugani
(engineer)
(1004 Points)
Replied 30 August 2024
Schedule CG
111A STCG or 112A for LTCG
Interest is like bussiness P&L / Item
65
J P Sahoo
(a)
(46 Points)
Replied 30 August 2024
Thank you for the info.
For delivery trade , is there any upper limit 111A STCG or 112A for LTCG?
Does IT Dept have any guideline whether delivery trade to be filed under CG or Business P&L(ITR3)?
jagdish chhugani
(engineer)
(1004 Points)
Replied 30 August 2024
Intraday is like bussiness ITR 3
Delivery only you can file ITR 2
You need to read income tax act 1961 laws and Rules available on IT portal for guide lines.
CAclubindia
