Applicability of section 44ad

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Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2015 IS SPECULATION BUSINESS COVERED UNDER SECTION 44AD?

I HAVE A FRIEND WHO HAS EARNED A PROFIT OF 15 LACS FROM SHARE TRADING. HIS TURNOVER IS 80 LACS. CAN HE TAKE SHELTER UNDER SECTION 44AD AND SHOW HIS TAXABLE PROFITS TO BE 6.40 LACS UNDER THIS SECTION?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 July 2015 Yes speculation business is covered under section 44AD. He can declare profit of 6.40 lacs under this section.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2015 Thank you Sir.
Which ITR form should be used for filing the return? We tried using ITR-4S but in the instruction part it is mentioned that this form cannot be used if you have speculation business. Even in the "nature of business" part the option of speculation business is not present.

Rupesh Jain

Rupesh Jain (Expert)
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04 July 2015 you use ITR-4 FORM FOR RETURING FILING.

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 July 2015 You can use ITR 4........

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