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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
