Applicability of section 44ad
Querist : Anonymous
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?
Querist : Anonymous
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.
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