Submitted ITR 4 previous year (FY 2024-25). Now entered into trading this year (FY 2025-26).
My income
- from other sources = around 6.25 lakhs
- from professional services = 45 thousands (as 100% profit)
- from intraday = loss of Rs. 4520 (turnover is around Rs. 9730)
- From short term trade = Rs. 12560 /- (turnover around Rs. 185000/-)
I know that I have to use ITR 3. But my questions are:
- Since there is a loss in intraday trade I cannot use presumptive option (due to 6% rule). So I have to show under business income which require books to keep. But do I have to audit the returns by a CA?
- Do I have to show short term profit under STCG or normal business income? (I want to show it under normal business income. And would like to continue with this trend)
- Can I show the income from professional services using presumptive option now? (trading under business income requiring books whereas professional under no books required in ITR 3)
- If I have to show short term trading gains under STCG, then do I require to pay tax amount extra as advance tax or there is no need to pay tax as total income is under tax exemption slab?
Thanks in advance @Quicko
Adi