Is it mandatory to show losses as business income from Speculative trading and CDS futures and options trading?

General
1

Hi All,

I am a salaried employee and I do trading of F&O in CDS Segment and intraday to some extent. I do have some short term shares as well. I filed my ITR-1 for FY2013-14 in time(before May 31, 2014) and I got my ITR processed. But, at the time of filing, I was not aware that it would be required to file ITR-4(25,000/- loss in speculative and F&O, and 2500 gain in short term share investment).

Please tell me whether I need to re-file using ITR-4. I also heard that I CANNOT do a revised return as my return assessment is completed.

Please advice

Thanks,

Mallikarjuna

2

Check this post that we have on taxation for traders.

Trading in intraday equity is speculative business. Trading on F&O is like normal business. So they both have to be treated separately. 

Yes, you can rectify your previous return. Do speak to  a CA about this.