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Intraday trading taxability

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(Querist)
20 July 2020 If an Individual is trading in share as Intraday trading than can his income be taxed under 44AD?Intraday trading is only business he did during the year.please suggest.
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Eswar Reddy S

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Eswar Reddy S (Expert)
23 July 2020 Yes.Eligible for 44AD
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Eswar Reddy S

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Eswar Reddy S (Expert)
23 July 2020 But you need to calculate turnover
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Eswar Reddy S

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Eswar Reddy S (Expert)
23 July 2020 Profit + Loss
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 December 2021 Turnover in the case of Intraday Trading is Absolute Turnover.
Absolute Turnover is the Sum total of absolute profits minus losses made on daily transactions.
Eligible for sec. 44AD of IT act. Declare minimum of 6% of turnover as profit from Intraday, even if the trader has loss in actual.
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