Itr3 only intrdat equity profit

Taxation
1

Hi @Quicko team

I only have intraday profit for Rs 20000 and turnover also Rs 20000 ie 100% profit
So there is no tax audit required.

No other business for me. Only salary income.

Can i skip p&l ,balance sheet etc and simply show this intraday gain amount under
"Additions to section 28 ? "

It then computes income under head business or profession.

But not sure if i can skip p&l, balabce sheet etc

Please clarify

Or otherwise can i show this 20k intraday profit under capital gains in itr 2 as my turnover is also less ie Rs 20000?

2

Hi @ksksat !

As per explanation 2 of Section 28 of Income Tax Act 1961, Speculation business (Intraday Income/Loss) shall be considered a distinct and separate business from all other businesses of the assessee.

You cannot club the intraday gains with other businesses and it must be disclosed separately.

Also, when you file ITR 3 (which is applicable if you have Intraday gains) Schedule Balance Sheet and Profit & Loss statement are mandatorily required to be prepared. You cannot skip the same.

And lastly, only delivery based transactions are considered for capital gains. As there is no delivery in Intraday transactions, they are out of purview of capital gains tax. You cannot disclose your Intraday Gains under Capital Gains income head.

Hope it helps!

3

@Quicko thanks team.

As i have only intraday equity i skipped trading account and manufacturing account schedules

Under p&l under no account cases speculative activity i gave intraday details

The same is correctly reflected in schedule BP

As there is not even F&O i just saved balance sheet schedule with all zero values

Is this ok?

Apart from this i showed stcg ltcg etc rightly and salary as well in respective columns

4

Can you please help me by share some sample screen about how to show P/L Balance sheet. I have very small intra day gain 5k against 33k turnover. Are you entering trade/scrip wise turnover also here? Please reply I am in urgent need! Will not do intra day, it was an accidental move.

5

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