What happens if ITR3 filled without audit

Hi Sateesh

In this case you don't require audit.. you. An file ITR3 today

Hi,

- Yes you can file ITR 3 without audit.

- In case of intraday, turnover is sum of profit and losses earned. You can pay tax on 6% of turnover and file ITR-3 without audit.

Thanks

Dear Sir,

Hope you are doing well !

You can file ITR 3 without audit.

Thanks & Regards,

Payal Chhajed

Hi Staeesh,

Yes, you can file ITR 3 without audit and pay the taxes on intraday turnover.

I would strongly suggest you to get your account audited and file the ITR by 30 sept, because as per section 44AD and 44AB if you are not showing your business income at 8% and if your income is above 250000 then you need to get your accounts audited if you don't do so the penalty is 0.5% of turnover or 150000 whichever is less.

Since your salary is above 250000 you will be required to get your accounts audited as your business income would be below 8%. You will be able to file ITR 3 now itself no one will stop you but then you will receive a notice of penalty.

We also provide audit facility if you provide all the documents over mail. If you want you can contact us and we can discuss further details over mail.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Hi,

- For No Audit case- Pay tax on 6% of 7,49,265.

- For Audit- Claim loss of 3.31 lacs as speculative loss.

Thanks

Dear Sir,

If you wish to avoid audit then you can declare 6% of turnover and on that you can pay the taxes as applicable by using ITR 3 where you can separate capital gain turnover.

you can not carry forward losses without audit.You will have to pay taxes on intraday turnover i.e. on 6% of 7,49,265/-

Yes since it's a loss you don't need to pay tax on such income but you have to pay tax on salary and any other income which you have earned and yes you can carry forward this loss for 4 years but this can be set off only against speculative business income.

Now there is an issue that generally what I have seen is that income tax officer don't take by themselves the amount of profit and loss as turnover they take normal sale value as turnover and will apply penalty on same so be careful.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hi Sateesh,

You can file ITR 3 without audit.

Regards,

Nikhil

If you are going for no-audit option then you need to pay 6% of turnover as taxes.

You can carry forward losses only if you get the audit done

Hi,

You can carry forward loss of 3,31,232 for next 4 years.

Intra-day trading is treated as a speculative business which can only be set off from intra-day trading income. Any losses which cannot be adjusted in the same year are carried forward and can be claimed against speculative income in the succeeding four years.

HI

You have to declare profit @ 6% on turnover (749265) and pay taxes accordingly if you opt for non audit case. use ITR 3 and file return for the same.

And if you go for tax audit then you can carry forward losses(4 yrs) and can take set off from speculation income in future.

Hi,

In order to carry forward the losses, you need to get your accounts audited.

Otherwise, you can't carry forward the losses. You will have to pay tax based on presumptive basis if you don't get your accounts audited.

Hi Sateesh

You have 2 options:

1. Get the accounts audited and carry forward the losses. Due date 30 sep.

2. File return under 44AD showing profits to be 6% of 749265. No losses shall be carried forward. Due date 31 Aug.

No need of Audit can file itr 3 but have to maintain books of accounts