INCOME TAX RETURN PROCEDURE IN CASE OF PERSON TRADING IN SHARES AS TRADER

[PIYUSH MITTAL]

Sir

I want to know the procedure of income return filling in case of person dealing in shares as trader both in short term,long term & intra day trading. Also whether the assessee has filed ITR under the provisions of Sec 44AD.

AI Summary

Clarification on Tax Return Filing for Share Traders: Section 44AD Applicability and ICAI Guidance Note Reference. A query was raised about the income tax return filing procedure for individuals trading in shares, including short-term, long-term, and intra-day trading, and whether filing under Section 44AD applies. A response clarified that delivery-based transactions are treated as normal sales/purchases, while non-delivery transactions consider profit/loss turnover regardless of sign. It was suggested to refer to the ICAI Guidance Note under Section 44AB of the Income Tax Act, 1961, for more details. Another participant requested the location of this guidance on the ICAI website.