Comment on Classifying Your Market Activity

Nithin Kamath commented on 20 Sep 2016, 07:16 PM

ITR 4 is correct, but yes it should have been speculative loss. Audit/book keeping requirement is if your turnover is more than 1 crore or profit less than 8% of turnover (check the chapter on turnover). If your turnover was below 1crore, no audit was required in your case in 2014/15.
Ideally you should have showed this profit in your ITR4 for 2015/16. It doesn’t matter if you have withdrawn it to your bank or not. You can revise your return even now. Audit requirement is again based on your turnover.

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