How show income from different type of business

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This discussion clarifies how to report income from different business activities, including insurance agency, share trading, and bank DSA commissions. The advice suggests that while some professional income might be eligible for presumptive taxation under Section 44ADA, other business income, like that from money lending and commissions, may need to be declared under normal assessment rules. It's advised not to combine all income under Section 44AD if other income streams are present.

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

05 June 2024 Sir
income from different head like insurance agent(Rs 75k); intraday and short term gain(Rs -19147(share market); bank dsa (Rs 4718 (commission) previous year ITR filed US 44ADA(filed Rs 3lac(as gstp) and US 44AD(filed Rs 2.50 lac (loan advisor and money lending(small by own) all payout amount is very small
this year income from different head
please suggest can continue with 44ADA and 44Ad and what to do with commission income
regrads

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

06 June 2024 You can opt for sec. 44ADA for professional services along with businesses under normal assessment (not under Sec. 44AD) for commission & share trading income.

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

06 June 2024 Thanks for Prompt reply SIR
should continue 44ad (money lending like SAHUKAR LOAN VERY SMALL AMOUNT ) same as last year? and commission income under normal assessment from this ITR

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

06 June 2024 No. you are not eligible for presumptive assessment u/s. 44AD. Combine the income under normal business.

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

06 June 2024 thanks a lot Sir for your valuable advise

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

06 June 2024 You are welcome.

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