Balance sheet entries for intraday trader

Taxation
1

I am a intraday trader my profit is 1 lack and my total income is less than 2.5 lack for a y 20-21. I didn’t maintain books of account so In filing itr3, can I fill balance sheet full I mean for maintaining books section (not in item 6 in part A-BS)and others like trading and P&L account in no account case?

One in books of account maintained (BS),others in no account case .

Non audit and non presumptive case.

Waiting for your reply , thanks.

2

@Quicko can you.

3

@guru_shekhar - Since you have only Intraday Income - You fill the following details in Schedule PL (#65)

Turnover from Speculative Activity
Gross Profit
Expenditure, if any
Net Profit(Auto Calculated)

4

Thanks sir, ok then can I maintain only balance sheet and not books of account ?

5

Yes, You can maintain it for your reference.

6

Hi @guru_shekhar,

You cannot simply fill the balance sheet and keep P&L blank. Since your turnover is below 25L you can opt for no accounts case and file ITR 3.
Hope this helps :slight_smile:

1 Like
8

@guru_shekhar

  1. amount of total sundry debtors
  2. amount of total sundry creditors
  3. amount of total stock in trade
  4. amount of the cash balance

As you have opting for no accounts case and doing Intraday tranx -
A] you can put ZERO for 1 and 2.
B] If you have any open positions as on 31st March 2020 - you enter the buying value for stock in trade.
C] Input the cash balance you had as on 31st March 2020.

9

Sir should I write buying value of short term equity investment in stock in trade? In intraday there is no open position and I don’t have any f&o trades. Guide me.

10

@guru_shekhar

Then please put Zero…

11

4)amount of the cash balance

means it includes both amount in bank account or only cash in hand or both, I don’t have any cash in hand.what should I show their?

12

@guru_shekhar

It is only the cash balance.
If you don’t have any cash - Please put Zero.

1 Like
13

so bank balance is not reported here ? only cash on hand?