Presumptive income
This query is : Resolved
SURINDER SINGH
(Querist)
04 December 2012
A person doing Future & option business in shares incurs loss of Rs. 475341 on 11 transaction and earns Profit Rs.141417 on 3 transactions in 2011-12.Is 8% presumptive profit calculated on 141417 OR on Rs 616758 (In F & O turnover means sum total of gains + loss).Regards
Aditya Maheshwari
(Expert)
04 December 2012
In my view since F & O trading has actual profit or loss presumptive taxation cannot apply here.
SURINDER SINGH
(Querist)
04 December 2012
Any other view please ?
Soumitra Basu
(Expert)
08 December 2012
IT IS APPLICABLE UNDER SECTION 44AD.
SURINDER SINGH
(Querist)
10 December 2012
If 44AD is applicable ,than will the 8% profit be on 141417 OR Rs. 616758 in the above problem. Kindly clarify
Soumitra Basu
(Expert)
10 December 2012
YOU CAN DISCLOSE 8% FOR NON MAINTENANCE OF BOOKS OF ACCOUNTS. BUT IF YOU REQUIRE THE PROFIT TO INVEST SOMEWHERE THEN YOU SHOULD DISCLOSE THE OTHER PROFIT.
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