Dear All learned members - I am doing intraday trading in equities and derivatives regularly. Also,in the current financial yr I made only 2 or 3 trades in these instruments from my wife's demat account too. Unfortunately, have incurred losses in both accounts. We both are senior citizen ( me 70 and She 60+). We have no other source of income except bank deposits and may be some long term income/loss from shares in our demat accounts.
Kindly advise/enlighten me on the following:
1. Is it mandatory to get audit done from CA for both accounts for filing returns.
2. Since CA fees are high ( 30000/-) can I self file the ITR on line at least for my wife ( as there are very few trades)and save 15000/- , if so which ITR Form to be used.
I m a novice and have zero knowledge on taxation matters.For past years this has been handled by my tax consultant.
Thanks and apologies in advance for troubling you all.
Kindly advise/enlighten me on the following:
1. Is it mandatory to get audit done from CA for both accounts for filing returns.
2. Since CA fees are high ( 30000/-) can I self file the ITR on line at least for my wife ( as there are very few trades)and save 15000/- , if so which ITR Form to be used.
I m a novice and have zero knowledge on taxation matters.For past years this has been handled by my tax consultant.
Thanks and apologies in advance for troubling you all.
secondly, what is the total turnover in your case (presumed that in other case TTO is not much), needed for looking for other options, to avoid audit
BTW, AFAIK, if gross total income (all sources) is below 300k (in both cases, being sr citizens) then you wont require an audit.