Tax treatment in futures for notice under 142(1)

Can a person file ITR4s without any problems after notice under 142(1) to file return if

Only income is from futures trading

turnover less than 1 cr (total of all positive/negative balances at each expiry)

profit more than 8%

Kindly help

If your profit is more than 8% and turnover less than 1 cr, just use a normal ITR4. You will not need an audit.

Using ITR 4S is not really preferable, especially in the business of trading on capital markets. Check this:


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