Income Tax filing before Oct-31

Hello All,

I am new to Intraday and Short Term Trading. I don’t know how to file Income Tax before 31st oct 2017

Following is the Snapshot of trading activity from Jul-2017 to Sept-2017

  1. Short Term Trading

Buy Price: Rs 20000
Sell Price: Rs 20500
Profit: Rs 500
Other Expenses: Rs 50

  1. Intraday Trading:
    Total Buy Turnover:8859401.00
    Total Sell Turnover:8852205.80

Profit: 12947.95
Loss:-20143.15
Net Profit/(Loss): (-7195.20) - Loss

[Brokerage Charges: 1,744.62
[IGST 18% On Brokerage]: 314.02
[IGST 18% On Charges]: 103.61
[SEBI FEES]: 26.56
[STAMP DUTY ]: 531.37
[STT-SQUP]: 2,215.00
[TURNOVER CHG*]: 575.61
Total Expenses: 5,510.79

Kindly help me in following points

  1. Should I file income tax on or before 31st Oct 2017
  2. If yes, kindly explain under what different heads in ITR4 I have to put above data?
  3. Should I get the above statement audited?

Kindly let me know if I am missing something

Regards
Manoj

U have to file Income Tax Return after the completion of the Financial Year for the trading activities done during 01.04.2017 to 31.03.2018. Go through Tax loss harvesting in Zerodha Varsity. https://zerodha.com/z-connect/traders-zone/taxation-for-traders/tax-loss-harvesting

Hi, If I File after March 2018 during AY2018-19, will I be able to Carry Forward Losses in Intraday (Speculative Trading)?

Losses can be carried forward if you file within Due date of filing of the returns. You will loose the carryover benefit.

How you trading? Where is your trading a/c.

Trading online. My trading account with a broker

Please keep in mind about the tax liability which is to be paid in ADVANCE if total tax is exceeding by 10K…you need to file your return if it exceeds 2.5L (in case it is so)