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

Nithin Kamath commented on 24 Jun 2015, 03:23 PM

Because you have transacted on intraday equity which is considered as speculative business, it is mandatory for you to use ITR4. You can show short term capital gain (loss in your case) under capital gains. If you had only capital gains and no intraday trading, you would not have needed ITR4, just an ITR2 would have been enough. There is no need to get ITR2 audited.

Since your speculative business is a loss (less than 8% of turnover), you will need to get the books audited. But getting books audited is nothing complex, we are putting up a module on Varsity in the next 1 week, which will answer all queries around this.

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