i have been trading since last year in zerodha account, trading is my primary source of income, i don’t have any other business or job, no rental income, no loans, nothing else just pure cash based equity trading. i have still not registered on inc ome tax website. my starting month for trading was 20-april-2017 to till now.overall i am in profit through my intraday and short term trades after cutting all losses. my profit is still below 10k. can anyone plz tell me whether i need to file tax or not, if yes then which itr form should i use and do i need C.A. approval stamp or i can self fill my itr.
as per my knowledge if your stock holding is less then one yr you need to pay 15% tax as short term capital gain. I am not sure which form you need to fill for tax though.
but i want to declare trading as my business income and as much i read in zerodha varsity if trading is your only source of income then even if your short term trades are moderate , then it still can be declared as business income hence no STCG need to be paid. Am i correct?
You can use ITR 3