Taxation query from a unemployed (part time tutuor) trader

Taxation
1

Hi, everyone. I am part time tutor by profession. I earn about 2LPA. Since all my daily expense are beared by my parents so I invested about 1 lac in MF Dec16 on which I am at 17K profit(which is not redeemed till now). I invested 45k in the stock market through zerodha in July 16. Generally, I trade as an intraday trader(I also did some delivery trade out of which some are squared off while I am still with some trade which is not squared off till now). my turnover for 01/04/16-31/03/17 is 25K. I was in profit about 20K till feb’17 But currently, I am in loss of 20K(of 45 k). I didn’t filed IT returns last year.

NOW MY QUESTION ARE:

  1. DO I NEED TO FILE IT RETURN?
  2. IF yes do I need to get it Audited?
  3. which form I need to fill as IT return?
  4. what should I fil in profession column of IT return?
  5. what is last date file IT RETURN in my case?
2
  1. yes file return.
  2. not sure. Chk w CA(Tradetax.in) or nithin
  3. IT 3,but check with a CA first
    4).self emplyed
  4. last date is Jul. 31st for availing full benefits
    The loss u made can be written off against any profits u make from intra or swing trading in the next few years. (meaning the profits will Not be taxable)
    This can be done if these losses are shown as business losses. That needs to be done before 31st july
3

NOW MY QUESTION ARE:

DO I NEED TO FILE IT RETURN? :- As your Income is less than taxable limit not required to file. Its good if you file voluntarily
IF yes do I need to get it Audited? Not Required
which form I need to fill as IT return? ITR 3
what should I fil in profession column of IT return? You have two profession …One tution and other trading. You can fill both
what is last date file IT RETURN in my case?31st July

1 Like
4

But according to this i need to get it audited . Sir please clearify it. I’m getting confused.

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5

Audit only required if your income is taxable. If your net income is less than 2.5LPA the tax audit not required