Same here, i file itr3
So government considers trading in capital market as gambling. Then why isn’t it banned. Private people can gamble but government people are not allowed.
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Because government officials or employees are often privy to insider information. That way they can get unfair advantages. That is why short term speculative participation is prohibited. Not because they think that it is gambling. You can invest for long term. In fact it is the same scenario in many developed nations. Not only in India.
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I think as per income tax act trading in F&O is considered as non speculative. As it can be done for risk mitigation and hedging purpose. That speculative trading is related to intraday stock trading only.
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If you are a government employee, please get clarification from your department regarding this.
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F&O income is treated as business income. A govt servant is not allowed to engage in a business while in service.
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But a government employee can run business on his relatives name.
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If the employee invest money in a business run by a relative and profit from it then it could be flagged. Infact central government employees have mandatory disclosure norms these days which includes the assets and liabilities of spouse and immediate family.
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Do these rules apply equally to PSB employees also?( As they are public sector undertaking not fully government)
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Am not sure about that. When in doubt check with the service rules, code of conduct of the respective institution. Better to clear the legal angle before taking the plunge.
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Are you a government employee? Did u get any trouble for filing itr 3 or not
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no trouble, but u get if u don’t file proper as per rules