Comment on Classifying Your Market Activity

Iqbal commented on 09 Jul 2018, 05:59 AM

I’ve gone through the module and I am pretty sure that I will need to use ITR 3 form, however, I would request you to share your guidance as well.

I am a salaried person and earned about 6L and also did intraday trades (With loss) and short term trades (With profit). Some Mutual Funds LTCG as well. Apart from that I have not been involved in F&O etc.

With the amount of turnover, I am also required to do an audit.

INTRADAY GROSS PROFIT₹-31,091.05
INTRADAY TURNOVER₹51,992.35

SHORT TERM GROSS PROFIT₹9,272.54
SHORT TERM TURNOVER₹9,33,049.93

LONG TERM GROSS PROFITN/A
LONG TERM TURNOVERN/A
TOTAL CHARGES₹18,897.76

My questions–

1. I need to use ITR3 form as I have speculative loss and STCG + Salary income, right?
2. It’s very first time I am going through the procedure, can you tell me generally how much an audit costs?
3. Do you have any other suggestion for me as to how should I proceed? Going forward, I will not be involved into Intraday trades.
Please help. I am so very anxious. It’s way too overwhelming for me.

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