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

Sachin commented on 06 Jan 2016, 05:01 PM

HI Nithin
Thanks for the great work. I must say the content here on the taxation and trading is more than the entire internet combined.
My case is sort of funny. I am really not into stocks and trading. I just for writing some app for the stock market and to know what’s the game took a demat account and started intra-day trading. I did it for just 2 days. The combined profit is about 60 rs and loss is about 40 rs.
after that someone scared me saying that since I have indulged in intra-day I have to file ITR-4. Is it true? Do I have go get my audit done as well? I can very easily not do intra-day trading this year anymore and declare whatever profit as my taxable income? I am a salaried employee belonging to 30% tax bracket.
Another related question (out of paranoia of unknown) is, I had some long term investments (help for more than 3 years) in foreign stocks out of (RSUs receive from job) which I sold this year. I have paid taxes on 20% ( including indexation) on that. Does my tax liability of these LTCG change in anyway since I may be seen as a trader?


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