09 May 2017
AS per ICAI Guidance Note, with respect to derivative contracts, Turnover means the total of positive and negative or favorable and unfavorable differences. Premium received on sale of options is also needs to be included. My query is whether the above calculation can be used for arriving turnover and declaring income of 8% under Section 44AD?
09 May 2017
If the profit is less than 8% on turnover, then audit is applicable. In my case, profit is less than 8% on turnover determined as per ICAI Guidance note. So Can I declare 8% on such turnover?
09 May 2017
As per Section 44AD, any business other than Profession referred in Sec 44AA, Commission / Brokerage and agency business are eligible business. So F&O Trading is a eligible business.
09 May 2017
Please........ let us go to the basics....... leave aside for a while what income tax says.....let us focus on your intentions...... Are you doing it as business or investment.....find out your mind set..... if you are doing it for investment... the question of 44AD does not creep in.......
CAclubindia
