I have a salary income of 270,000 and I have done some intraday trading where my intraday turnover is 300 rupees and have faced a loss. I also have a short term capital gains of 100 rs. Since I have such a small amount of intraday turnover can I pass it off as STCG or do I need an audit?
I am not from Quicko but I don’t think you need an audit, you can even file your ITR yourself. And since there is capital gain of 100 rs, even if you add it, it wouldn’t make any sense so I would advice you to just file a normal ITR as an individual. Also if your loss isn’t significant there’s no need to file it as even if you did and if you incur profit in the subsequent years it would only be beneficial if your total salary income + Income from trading would be greater than the prescribed tax slab of 5 Lakhs for Individuals.
In your case since you only have few transactions under intraday trading. And the amount of turnover and loss is not significant, we suggest you don’t claim that loss while filing ITR. You should report the gain from Short Term while filing ITR along with Salary Income. You can use Quicko’s DIY Platform for the same. And it is Free. Hope this helps.
@Gautam Thank you for the reply
@Hiral_Vakil Thank you for the reply, it’s my first time filing ITR and don’t want to make any mistakes.