STCG & presumptive taxation

[coolfriend693]

Hi…
My only income is derived from STCG equity (Multiple trades).
Can I declare this incomes as business income under Presumptive taxation?
If yes then which ITR to file? 3 or 4?
Also how to calculate the turnover in STCG equity and what % of that should I declare it as profit?

[Meher_Smaran]

Hi @coolfriend693

You can check the previous discussion on presumptive taxation here -

If you have any further questions, please do share them in either of the threads

F&o loss set off against Equity Intraday profit

Hi @rocky18 Yes, you can. Any business loss other than speculative business (F&O is considered as non-speculative income) can be set off against any head of income except from Salary. As all the transactions are in digital mode, it doesn’t really make sense to report “presumptive” income as actuals are easy to fetch for the department so there is always a potential chance of department seeking explanation or notice in future so whether you wanna take that risk is upto you and your tax cons…

[coolfriend693]

Hi… I read the post.
Could you tell how to calculate the turnover that to be mentioned in business income for delivery based equity trades?

[Quicko]

Hey @coolfriend693,

@coolfriend693

Could you tell how to calculate the turnover that to be mentioned in business income for delivery based equity trades?

The total sales amount will be the turnover if you report delivery-based trading under business income.

Hope this helps!