Presumptive income

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SURINDER SINGH (Querist)
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04 December 2012 A person doing Future & option business in shares incurs loss of Rs. 475341 on 11 transaction and earns Profit Rs.141417 on 3 transactions in 2011-12.Is 8% presumptive profit calculated on 141417 OR on Rs 616758 (In F & O turnover means sum total of gains + loss).Regards

Aditya Maheshwari

Aditya Maheshwari (Expert)
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04 December 2012 In my view since F & O trading has actual profit or loss presumptive taxation cannot apply here.

SURINDER SINGH

SURINDER SINGH (Querist)
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04 December 2012 Any other view please ?

Soumitra Basu

Soumitra Basu (Expert)
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08 December 2012 IT IS APPLICABLE UNDER SECTION 44AD.

SURINDER SINGH

SURINDER SINGH (Querist)
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10 December 2012 If 44AD is applicable ,than will the 8% profit be on 141417 OR Rs. 616758 in the above problem. Kindly clarify

Soumitra Basu

Soumitra Basu (Expert)
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10 December 2012 YOU CAN DISCLOSE 8% FOR NON MAINTENANCE OF BOOKS OF ACCOUNTS. BUT IF YOU REQUIRE THE PROFIT TO INVEST SOMEWHERE THEN YOU SHOULD DISCLOSE THE OTHER PROFIT.