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?
CA R SEETHARAMAN
(Expert)
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.
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