intraday trading, ITR4

[Asked by Guest]

I being new to the whole concept of stock market, did intra-day trading for 2 days with petty sums. My profits and losses are in 2 digits. Does it make me a trader and warrants me to file ITR-4 even if I dont do any trading in the remaining part of the financial year. I am a salaried individual and belong to 30% tax bracket.

Does it have any other implication on my other long term stock holdings?

AI Summary

Income from intraday trading treated as other source income, affecting how such receipts must be reported for tax.
Question: whether isolated, minimal intraday trading by a salaried individual makes them a trader and compels ITR 4 filing. Reply: such intraday transaction receipts are to be treated as other source income under the Income Tax Act, rather than being described as a trading business; no further detail on form selection or effects on long term holdings was provided.