Comment on Taxation for Traders - Introduction

loke4300 commented on 30 Apr 2015, 01:28 PM

Zerodha/Trader-tax payers:

for FY 2014-15 i need to file my taxes. Losses on derivatives trading.
Per Zerodha, if Turnover > 1Cr then Audit is required.

Form to be used in such a case is ITR IV

Now, the CA i met in Pune – says since you are just a retail trader, file taxes as per ITR2 and you can carry forward the losses to next financial year. No need for ITR IV. I told him that i have done ONLY Derivatives trading and NO equity trading (no demat as well); despite this, he insist on using ITR 2.

How true is this? can someone please throw some light on this issue please?

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