Do i need my accounts to be audited?

I am a salaried individual with taxable income. I recently started trading in equity and F&O, since Feb 2017. My turn-over and figures for the last financial are as follows:
Intraday gross profit (loss): (-49,485)
Intraday turnover: 1,41,874
Short-term gross profit: 991
Short term turnover: 22,965
Total charges: 22,332
Futures gross profit: 1610
Futures turnover: 7090
Total charges: 937

I’m trading at Zerodha and the above figures i got from Zerodha Q. Previously i was filing my returns myself using ITR-1. But now i think i will need to file using a different form, maybe ITR-4.
Please advise what IT return form i will need to use and whether i will need to get my accounts audited by a CA.
Also please suggest a website where i can get help to file online and the charges. Thanks.

sunnym Asked on July 13, 2017 in Taxations.
Add Comment
1 Answer(s)

Dear Mr Sunny

Intraday Losses/ profits  are Speculative business profit / loss   and F & O comes under regular business income. Audit will be required if your Income other than these losses exceeds Rs 2.5 Lac. You can file ITR 3 or ITR 4 as turnover and trades are less.

We do help in filing IT returns if you are from Bangalore. You can send your request at india@taxiq.in

TaxIQ Answered on July 14, 2017.
Add Comment