This will be my first tax return and I had around 120k net profit in the previous financial year (by doing positional and intraday trading). So what should be my gross receipt in ITR-4? I am assuming it should be my gross profit (125k realised profit as shown by zerodha). Is this correct?
Realised Profit from Intraday Trading is the amount of taxable income under the head PGBP. If you are reporting the income as Presumptive Income u/s 44AD, the Gross Receipts is the Trading Turnover. In the case of Intraday Trading, Trading Turnover is the Absolute Profit i.e. sum of absolute values of profit and loss.
Thus, you must calculate the trading turnover and report 6% or more of that turnover as presumptive income in ITR-4.
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