Taxontips
No Result
View All Result
Friday, February 3, 2023
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Talk to an Expert
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
No Result
View All Result
Taxontips
No Result
View All Result

Are you a salaried employee and doing trading in stock market? Confused as to which ITR to file !! Read this

Income tax Expert by Income tax Expert
August 17, 2020
in Income Tax News
2
Can a salaried employee show business/ professional income and file ITR 4
658
SHARES
8.2k
VIEWS
image_pdfPDFimage_printPrint

Nowadays, many people have started investing in stock market to earn some passive income. Especially a boost could be seen at the time of lockdown when people were in their home, the sources of income were less and people started investing in stock market to earn some income.

Among this the salaried group of people are the one who are actively into stock market, they invest in stock, do F&O trading, intra day trading etc.

However they are confused as to how to file their return of income, where to show such income or loss, which ITR to choose and whether to claim loss or not. So in this post we shall discuss such questions and try to answer them.

The first question and the most basic question would be: Is one required to show such transaction in the return if there is no sale or there is a loss in the sale?

The answer would be if there is no sale no need to show it in the return and if there is a loss, it is recommended to include it in your return of income and carry forward the same as same would be helpful in future when you earn profit. We have discussed on it in detail in our earlier post for who needs to file return of income.

The second most common question is whether to show such income in the same return with salary income or separate return of income. We have also answered this question in our earlier post relating to myths of income tax return wherein we have said that for one person one return of income can be filed even if he is earning income from different sources.

Now the most important question: Which ITR to file?

The answer would be it depends on the quantum of trading and what type of transaction is done. Generally if a person is doing transaction in delivery based shares then ITR 2 needs to be filed and show such transaction under capital gain.

If F&O and speculative (intra day) transaction is done ITR 3 needs to be used.

Also the turnover in case of F&O and intra day transaction would be calculated differently and you can read about the same HERE.

However, we would still recommend to consult a professional before filing return of income.

To book consultation with our experts or file return CLICK HERE.

image_pdfPDFimage_printPrint
Tags: taxontips
Previous Post

Verify your earlier years defective Income tax return and remove the defect | One time relaxation till 30.09.2020

Next Post

No extension in holding AGM by MCA for financial year ending 31.03.2020

Related Posts

Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Budget News

Important Direct Tax Amendments in Budget 2023 for individual and business owners

February 2, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023

January 30, 2023
Penalty for Non filing or Late filing of Tax audit report – Section 271B and condonation in filing Tax Audit report
Income Tax News

Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty

January 26, 2023
GST registration
GST news

Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022

January 19, 2023
No TDS on interest income upto Rs. 40,000 from bank – Section 194A Limit revised
Income Tax News

E-mail from TRACES to deductors explaining the e-verification scheme. What to do?

January 18, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Limit of SFT reporting in case of interest removed by Income Tax Department

January 13, 2023
Next Post
MCA extends due date for uploading Annual return and Financial statement

No extension in holding AGM by MCA for financial year ending 31.03.2020

Comments 2

  1. ADMIN says:
    2 years ago

    Yes you have to show F&O income as business income and reduce expense related to business from F&O income.

    Regards,
    Team Taxontips.com

    Reply
  2. navneet says:
    2 years ago

    hello,
    If i am a salaried person working from home and i also trade in f&o stocks, can i show this as my business income and deduct business expenses from my taxable income or profits??

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Google Custom search

Recent Posts

  • Important Direct Tax Amendments in Budget 2023 for individual and business owners
  • [Live] Updates and Tax changes for Budget 2023 | Tax on cryptocurrency | Income tax and GST udpates in Budget 2023 [Download Bill]
  • 2nd highest Gross GST collection in January 2023, breaching earlier 2nd highest record in the Month of October 2022
  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023
  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony

Recent Comments

  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023 - Taxontips on Instructions issued by CBDT in response to judgement passed by Hon’ble Supreme court in case of notice issued u/s 148 after 01.04.2021
  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023 - Taxontips on Supreme court Judgement on controversial issue of notice u/s 148 issued after 01.04.2021 passed in favor of Revenue | Detailed analysis of full judgement
  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony - Taxontips on What is ‘Halwa ceremony’, performed before the budget at Ministry of Finance? What does it signify? | Pre budget facts
  • Leonard Linton on Clarification for the purposes of Section 269ST of the I.T. Act in respect of dealership/distributorship contract in case of Co-operative Societies
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns - Update - Taxontips on Advisory on “Initiating Drop Proceeding” by taxpayers for non-filing of GST returns

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Browse Topics by Date

February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Jan    
  • GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning 79.3k views
  • How to pay Membership and COP fees of ICAI for 2020-21 | 77.8k views
  • Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods 68.1k views

Recent Notification

Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-

Important Direct Tax Amendments in Budget 2023 for individual and business owners

February 2, 2023
[Live] Updates and Tax changes for Budget 2023 | Tax on cryptocurrency | Income tax and GST udpates in Budget 2023 [Download Bill]

[Live] Updates and Tax changes for Budget 2023 | Tax on cryptocurrency | Income tax and GST udpates in Budget 2023 [Download Bill]

February 1, 2023

RSS Taxontips

  • Important Direct Tax Amendments in Budget 2023 for individual and business owners
  • [Live] Updates and Tax changes for Budget 2023 | Tax on cryptocurrency | Income tax and GST udpates in Budget 2023 [Download Bill]
  • 2nd highest Gross GST collection in January 2023, breaching earlier 2nd highest record in the Month of October 2022
  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023
  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony
  • Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act
  • Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty
  • How many articles can a Chartered Accountant register for articleship?
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns – Update
  • ICAI has launched free task management or practice management software for members in Practice

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Site menu

  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Taxontips

TaxOnTips provides you all tax related solutions in easy way and update you with its regular updates & notifications Visit us for details.
We are based in Jaipur, India

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

No Result
View All Result
  • Login/Signup
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
  • Ask an expert/ Talk to an expert
  • Privacy Policy
  • Terms of use

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Book Phone consultation with expert

Sitting home or at your office and don't have time to visit CA's office or don't know where to consult CA. Book your consultation with an expert practicing Chartered Accountant and get your query solved.

Book a phone consultation for 30 minutes with our expert at a very basic cost.

Book consultation

No thanks, I'm not interested!

ITR 1 to 7 now available for FY 2021-22!!File your ITR with an experienced Chartered Accountant

Now File your Income Tax return for F.Y. 2021-22 with an Experienced Practicing Chartered Accountant and not just with any person like other websites offer. Return filing starts at Rs. 500/-

Book ITR filing with Expert

Never see this message again.

Subscribe for Latest Tax Updates
You name
Yourname@email.com

Never see this message again.