filing of ITR for intraday trading in equities

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    Hey Prakash, 

    Profit can be reported as 6% or more of turnover under ITR-4, however, expenses cannot be claimed under the presumptive taxation scheme & losses cannot be carried forward. 

    The Nature of business code - Since no specific head available related to trading in the stock market, one can show the nature of the business under code ā€œ09028- Retail sale of other products n.e.cā€. You should not be using "Financial Intermediation Services" as you are not providing service as Stockbrokers, sub-brokers, and related activities.

    If equity delivery is shown as presumptive income, every year it should be considered as business income only and not capital gains. If equity delivery is shown as capital gains and intraday trading as presumptive business income, ITR-3 should be filed. 

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