Comment on Taxation for Traders - Introduction

Hello Nitin

First of all thanks for this wonderful initiative which is proving to very helpful particularly to retail traders!

I have received SMSs as well as emails from Income Tax department to file ITR for AY 2013-14. When I logged in departments website I saw information summary CIB-502,STT-01,02,03,04,05 mentioned in my case.
My details for AY 2013-14 are as follows-
Interest income= 163214
Short Term CG on sale of equity shares through recognized exchange= 5144.7
Loss from intraday trading= 7001
Gains from F&O= 1193.94
Total turnover from all segments= 191880
Premium paid to LIC= 11964

So my total income as well as turnover is less than Rs. 2,00,000
So my questions are-
1. Do I need to file ITR?
2. If yes, is it ITR-4 as I do lots of intraday equity and F&O trading?
3. Is everybody trading in equity, F&O, commodity bound to file ITR or is it because I once bought shares worth 104000 for delivery in this period?
4. Do I need to get my books audited under section 44AD if my income from trading business is less than 8% of turnover, even if my total income is less than taxable income of 2,00,000?

Thanks and Regards
Jai

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