Short Term & Intraday Profit Only[both less than 10], Which ITR Form to Use?

[CKG4U]

Dear all,
This is my first post here. I am down with this tax question for a while now, though I tried searching for my answer but so far couldn't find it anywhere here. So, I request you to either answer me if possible or any relevant links of threads posted earlier in this regard will be helpful too.

I wish to know, is it mandatory to file tax for my wife, who is a house wife and has no other income except for an Intraday profit of something around 2200/- and Short Term profit to the tune of 8100/- during the 1st April,2017-31st March 2018 period. If yes, which ITR form should be filled and how?

Thanking all of you in advance for your thoughtful replies and time!

 

[GENIETRADE]

If the gross profit or income from all sources crosses Rs.250000 in a financial year, you need to file tax return.

In your wife's case, the gross profit or income does not cross Rs.250000 in financial year 2017-18, she does not require to file income tax return.

For further clarification, if the gross profit or income from all sources crosses Rs.250000 in a financial year, she needs to file ITR4 if she has income from Intraday trading, swing trading, positional trading, or futures and options trading as a part of her total income.

 

[canikhil]

Dear all,
This is my first post here. I am down with this tax question for a while now, though I tried searching for my answer but so far couldn't find it anywhere here. So, I request you to either answer me if possible or any relevant links of threads posted earlier in this regard will be helpful too.

I wish to know, is it mandatory to file tax for my wife, who is a house wife and has no other income except for an Intraday profit of something around 2200/- and Short Term profit to the tune of 8100/- during the 1st April,2017-31st March 2018 period. If yes, which ITR form should be filled and how?

Thanking all of you in advance for your thoughtful replies and time!

in addition to the response the other member has already given, you need to account for two things:

1. Whats the turnover in this case. On the face of it, it should not be anything significant. But if the turnover is above the audit limit, then audit is required regardless of whether return is to be filed or not;

2. regardless of the income, I would suggest that you file ITR_4 as Income-tax department is invariably going to pursue you for filing of return on account of stock market trades.

 

[CKG4U]

Thank you very much GENIETRADE and canikhil, your answer gave me a lot of relief and now I have a better understanding of the same.

I would like to mention here that in this present scenario, the speculative turnover is around 2500/- and the short term turnover is around 66000/- Total charges are around 600/- All trades are in Equity only, she has some Bank interest which is less than 200/- for the year. Besides these, there is no other income in her name. So, will an ITR-4 filing should be enough in this case?

The thing I am mostly concerned is, there was a recent letter received from the IT department in the name of my daughter, on whose behalf I was trading in FY-2012-13, as she was a student and had no other income as well beside some very insignificant income from short term and speculative equity trades similar to this present scenario, and IT department letter cited some STT-1, STT-2 and STT-3 [This is still not clear to me]! Since the earnings/turnovers were highly insignificant, I didn't see the necessity to file tax for her for those years but now it seems that was not enough. I don't want to face anymore situation like that one for my wife at present, hence I want to understand the tax related procedure for such insignificant trades. Hence, I am requesting an opinion from honorable members and experts in this field, so as to choose the safest and cleanest path for the situation mentioned above. Here is a screen shot of the ITR letter which was asking for explanation regarding STT-1, STT-2 and STT-3:-

 

[canikhil]

in the response sheet select the option for "Income below taxable limit'

 

[egale]

I think u should consult with some CA they will help u when in confusion consult them they will guide you better

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