Hello!
I have a freelancing business with turnover less than 50lakhs. I'd like to use 44ada for presumtive income of 50%.
But, I am also active in share market.
I have short term capital loss of: 25,000
Future and option loss of : 11,000
STT, Margin interest, brokerage etc is around: 3,00,000;
F&O Turnover is 90lakhs,
Share(cash) delivery turnover is 3.5 crore.
Now my questions are:
1) I am the sole owner and I hire some freelancers to help me sometimes, pay them in cash. Am I a business or a profession, do I use 44ad, or 44ada?
2) Can someone please explain how to workout the share transaction with my profession/business income? Can I still use presumtive income laws if I have speculative income, and professional income?
Thank you
CAclubindia
