Comment on Notice under Section 139(9)? - Possible reason

Hi Nitin,

Its the first time I am doing F&O trading. I have no other sources of income.

I started an account with 1 Lakh and lost 55k in Options. None of the trades were profitable. All the purchased Options during the FY were sold at a loss. Total Debit Activity in the account was 2.54 Lakhs and Total Credit was 2.98 laks (including my capital of 1 Lakh), thus a total loss incurred was 55k Rs on all the options. Net account balance at the end of FY is 45k.

For this, will I have to get the thing audited from the CA or I can just file a normal return? Will I have to ask CA to fill the ITR 4? Kindly let me know.

Thanks

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