Comment on Zerodha - your tax aide while you trade

Aruna Agashe commented on 12 Apr 2017, 12:12 PM

I did Intra-day Trading on Zerodha for about one month and had a nett loss of Rs 7670/- If I add all Profit and Loss figures it comes to Rs 11507 (I understand that this is Turnover for the purpose of Income Tax). I am proposing to file ITR-3 as follows for this Trading activity:
Nature of Business 0204-Trading-others

Balance Sheet
No account case
Sundry creditors Rs 15000/-

P&L
No Account case
Gross Profit -7670
Nett Profit -7670

Schedule BP
1 Profit before tax as per P&L -7670
Nett profit or loss from speculative business included in 1 -7670

When I fill up the above
Schedule CFL automatically got the entry
7670 under loss from speculative business

I hope above are the right steps to carry forward the loss and mainly to show that I did the trading activity lest I get a notice from income tax department in future.

Please confirm or guide me further.

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