Comment on Classifying Your Market Activity

Amit commented on 20 Sep 2016, 05:05 PM

Dear Sir,

I look forward for your valuable advice. My query is little long.

In FY 2014-15, I had loss about 5 lakhs from indtraday share trading (No delivery of equity share in demat A/C). Other than that my total income (Salary + Bank Interest) is below Rs. 1 lakh. I consulted a CA and he put this under Short Term Capital Loss in ITR4 form to be carry forward.
However now I came to know that this must be under speculative loss.
Was my ITR filling incorrect ? Does speculative loss require book keeping and auditing?

I have received IT notice for Limited Scrutiny for security transactions. How should I deal with it?

In the FY 2015-16, I had profit of Rs. 900 from indtraday share trading. Other than that my total income is around Rs. 5 Lakhs. I filled the ITR4 for this year as well but I have not shown this Rs. 900 profit as I am not sure where to add this income and also I have not transferred this profit from my DEMAT account to my bank account. Is this comes under tax liability even if you have not transferred your profit from your DEMAT to bank A/C?

Does my this year intraday trading require book keeping and auditing?

Thanks for your help, Sir.

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