REGARDING APPLICATION OF PRESUMPTIVE SCHEME U/S 44AD FOR FNO
This query is : Resolved
11 July 2024
If books of accounts of any assesse is audited u/s 44Ab and also having FNO and intraday transaction then can he opt presumptive scheme for FNO and can show Profit and loss as positive figure by showing turnover and 6% profit by banking channel?
If no what is the other option to treat such FNO transaction?
If no what is the other option to treat such FNO transaction?
11 July 2024
Tax audit under which sub section of 44AB?
Whether any other PGBP activity other than shares transaction?
Need to check aggregate turnover.
Whether any other PGBP activity other than shares transaction?
Need to check aggregate turnover.
11 July 2024
If audit is done under section 44AB(a) and Turnover Of PGBP other than share is Approx. 6 Cr
11 July 2024
If aggregate turnover along with F&O & intraday exceeds 10 Crs. Then tax audit will be mandatory.
Even if it doesn't exceed 10 Crs, but need to check the overall cash transactions. If exceeds 5%, then Tax audit will be applicable.
Even if it doesn't exceed 10 Crs, but need to check the overall cash transactions. If exceeds 5%, then Tax audit will be applicable.
11 July 2024
In such calculation F&O Turnover would be total turnover or Total of profit and loss during the year?
11 July 2024
Yes, aggregate of differential value of each trade.
11 July 2024
Then the turnover is less than 10 Cr
11 July 2024
Though the ITR utility may allow to file F&O under sec. 44AD, but not supported technically.
11 July 2024
Whether there is any notification to treat such Fno and speculation transaction as business profession by showing gross Daily profit & loss in banking channel and profit of 6% ?
11 July 2024
No. There is no notification over it. Even the business is not accepted as 'eligible business' by most of the professional. But ITR accepts it, and assesses take its advantage.
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