Specific query regarding which ITR to file

Taxation
1

During FY 2016-17 my P&L of stock market is as follows:-

Equity short term (realized till date): 92000
F&O: (22000)
Intraday equity: 250

I’m in profit in equity but at loss in F&O. I’ve read many articles regarding itr filing, some suggests I should file ITR-2 and shouldn’t disclose F&O losses. Some suggest I should file ITR 4S and treat 8% of turnover as presumptive income but in that case I’ll be in great loss. Last option is to file ITR-4 go for loss in itr but in that case I’ll have to get my account audited by CA which also seems costly to me.

Kindly suggest what should I do. Can you suggest any economic online audit service ?

2

The right thing to do is file using ITR4. Tricky for audits to be done online. Why don’t you try reaching either taxiq.in or cleartax.com and get a quote. You could probably mention to them that you are a Zerodha client. For cleartax, you can leave your details here.

1 Like
3

Thanks nithin for prompt reply. Much obliged.Talked to cleartax representative. Seems like a good deal. One more thing i want to ask that my total profit to total turnover (adding eq,intraday,f&o) is around 20%. Do I still need to get my books audited?

4

If it is more than 2 crores, you will need.