Question regarding Section 44AD
This query is : Resolved
13 June 2023
Suppose I have salary, short/long term capital gains and intra day profits as income and the intra day profits are over 8 percent of my Intraday TurnOver (which is less than 2 crores). Since Intraday profits are part of speculative business, I need to file ITR 3. So ,
1.Am I eligible for Section 44AD?
2. If I am eligible then I dont need to keep books and no need to be audited. Am I right?
3. Suppose in the next year, I dont engage in intraday trading, so now my income is only from salary and short/long term capital gains and hence my business income is zero.Now should I file ITR 3 again since I applied for Section 44AD in the previous year? Or can I file ITR 2 since I have no business income?
1.Am I eligible for Section 44AD?
2. If I am eligible then I dont need to keep books and no need to be audited. Am I right?
3. Suppose in the next year, I dont engage in intraday trading, so now my income is only from salary and short/long term capital gains and hence my business income is zero.Now should I file ITR 3 again since I applied for Section 44AD in the previous year? Or can I file ITR 2 since I have no business income?
13 June 2023
1 yes.
2 yes you are right.
3 you can file ITR 2.
2 yes you are right.
3 you can file ITR 2.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Journal entry of busniess expenses
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Cash balance limit and property purchases limit
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
