I am a student and I don’t have any source of income.
I incurred a loss of about 90k in intraday trading, over a turnover of 1.6 lakhs, entirely from the money given to me by my family members.
Please help me with these questions:
Is it better to accept 6% as profit under presumptuous income scheme instead of carrying forward the losses, as I am finding the process of filling ITR 3 quite tiring and I am not sure if I should consult a CA at all, as in any case my net tax liability will be 0.
If I file ITR 3, what should I show my application of funds as? Short term investments?
Would showing 90k as proprietors funds in ITR 3, without mentioning any salary or anything else invite any scrutiny?
Can I carry forward the losses without any audit?
I have an education loan of 5 lakh. Do I need to mention it on my ITR?
Is the IT department really strict about cases where no tax is to be paid?
In your case it is best to file ITR3, no need of audit. I am guessing you have taken money into your bank account, so shouldn’t be an issue, can show as gift if immediate family members, otherwise as loan. You can show intraday as speculative business income. Yes you can carry forward in your case. You can show the loan as well. It is a good idea to start filing ITR early, will help you in the long run.
Yes I have read the module. I got these questions while filling the actual form.
It would be great if you can update the Zerodha varsity with a sample fully filled recent ITR 3 form, as its quite different from the sample ITR 4 forms available there.
So I don’t have to fill any sections other than STCG and Speculative Income right?
That is I don’t have to fill balance sheet etc as speculative business (intraday trading) is considered separately from normal business?
I don’t have any FNO trading. I have a very small delivery based trading thus STCG