How to file the return

Hi all,

I’m a student, and in the last FY I only have a stipend of 50000 and 6700 loss in speculative intra day trading (equity) (total turnover ~25k), and interests on FD&SB around 10k.

Pls guide which ITR do I need to file and how should I go about it, i.e. the details required to be filled because of the speculative trading involved

PS: I need to file the ITR to claim the TDS that was deducted on my stipend


You may have to file ITR4 just because of your intraday trades. This will be considered as speculative business and you have to fill the details in yours returns.

Loss from speculative business can be carried forward only if the return of income/loss of the year in which loss is incurred is furnished on or before the due date of furnishing the return, as prescribed under section 139(1). Such loss can be carried forward for four years immediately succeeding the year in which the loss is incurred.

And as your total income doesn’t cross the exemption limit you need not go for tax audit. Otherwise, Tax audit is necessary if your total turnover is above 1 crore or if your turnover is below 1 crore and profits are lesser than 8% of your turnover.