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F&O Trade

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(Querist)
17 September 2021 For business in Futures & Options in share market can return of income be filed on presumptive basis u/s 44AD and by declaring profit @ 6% of turnover ?
If actual profit is more than 6% still profit can be shown @ 6% u/s 44AD ?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
17 September 2021 The income from F&O trade can be assessed u/s. 44AD of IT act.
As per the section 44AD, assessee is at liberty to declare the income minimum of 6/8% or as actually earned.
For more details refer article:
https://www.caclubindia.com/articles/invocation-of-section-69c-if-assessee-is-opting-for-presumptive-taxation-45793.asp
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