PRESUMPTIVE INCOME & FUTURE AND OPTION INCOME

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This discussion addresses whether an individual running a carpentry business under the presumptive income scheme (Section 44AD) can also report losses from Future and Option trading as a separate regular business. It seeks clarification on the correct way to file the Income Tax Return, specifically regarding account maintenance and declaring income solely under presumptive schemes.

jac

jac (Querist)

18 August 2025 Respected Sir(s),
One person having carpentary labour work of wooden furniture so filed INCOME TAX RETURN under presumptive income scheme u/s 44 AD in last many years but in FY 2024-25 they are having loss in Future and Option trading having loss so my question is that can they file income tax return

(1) Labour work of wooden furniture work business in presumptive Scheme u/s 44 AD and
(2)Other business of Future and Option trading (having loss) in regular business (Other than presumptive scheme) ?

Further, please clarify that when i file IT return then the following field set yes or no ?
(A) Are you liable to maintain accounts as per section 44AA? :- Yes/No ?
(B) Whether assessee is declaring income only under section 44AE/44B/44BB/44AD/44ADA/44BBA * :- Yes/No ?