How to show normal business and F&O both under 44AD
This query is : Resolved
28 July 2022
If one has income from both normal business profit >8% of T/O and also F&O profit >6% of T/O. How to show them in ITR3 under presumptive income. Also note the normal business is under composition scheme of GST. Also what is to be selected for Trade name in case of F&O trade.
28 July 2022
Code tor share transaction... 09028... Retail Trade...
Declare aggregate turnover in total receipts.
Under 6% column declare F&O turnover profit
Under 8% column declare other business profit.
Declare aggregate turnover in total receipts.
Under 6% column declare F&O turnover profit
Under 8% column declare other business profit.
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28 July 2022
So what I understand is we can show both F&O and normal business profit together in presumptive income. Despite the fact that only normal business turnover declared in GST return as F&O doesn’t come under GST. Also Both share trading & normal business codes should be added separately under the presumptive business.
28 July 2022
Correct, but bifurcation is based on banking/digital transaction & cash mode...
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