Speculative and non speculative Income under sec 44AD
This query is : Resolved
05 July 2022
Dear Sir/Mam
let assume as case where I have 18 lac turnover in my regular business shown Income of Rs. 4.22 lacs under sec 44AD and also has Non speculative income under F& O turnover 18 lacs has loss of Rs. 19K Plus Speculative business Income of Rs. 5K now my question is
1)
Can I show my regular business income of Rs. 4.22 lacs and non speculative loss of Rs. 19K under 44AD and speculative income under normal Business Income.
2) If yes whether I have to bifurcate income of normal and non speculative business under 44AD
3) If yes to 2 point than Can i show Non speculative income below 8 % as while combined Income under 44AD not goes below to 8 Percent as per Act.
Kindly reply.
let assume as case where I have 18 lac turnover in my regular business shown Income of Rs. 4.22 lacs under sec 44AD and also has Non speculative income under F& O turnover 18 lacs has loss of Rs. 19K Plus Speculative business Income of Rs. 5K now my question is
1)
Can I show my regular business income of Rs. 4.22 lacs and non speculative loss of Rs. 19K under 44AD and speculative income under normal Business Income.
2) If yes whether I have to bifurcate income of normal and non speculative business under 44AD
3) If yes to 2 point than Can i show Non speculative income below 8 % as while combined Income under 44AD not goes below to 8 Percent as per Act.
Kindly reply.
05 July 2022
First of all F& O turnover is not speculation business it is normal business.
You need to declare 8% on cumulative turnover from your regular business and F&O business
You need to declare 8% on cumulative turnover from your regular business and F&O business
06 July 2022
1 yes.
2 No need for bifurcation.
2 No need for bifurcation.
06 July 2022
Yes, you can show both the income u/s 44AD provided profit is more than 8% of turnover.
06 July 2022
Thank u #CA Rashmi mam#CA R sir #CA Puja mam for reply.
07 July 2022
Welcome Dear...................
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
- Credit rating model
- Youtube income
- 115-BAC-for AOP-private discretionary trust
- Insurance make against any item and later get insurance claim received
- IN PAGHDI SYSTERM . RENT RECPT CHANGE OF NAME AFTER FAMILY PARENTS TO SON
- GST APPEAL ITC
- Surcharge applicability on LTCG loss
- TDS U/S 194S VDA
- TCS Return Without PAN
- If Material shift from dry port local egm details not refleting on ICE gate portal
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- GST ON PERSONAL MOTORCAR SOLD
- Cash gift by grand mother to her grand daughter
- APPLICABILITY OF RCM ON MAN POWER SUPPLY BY UN REGISTERED PERSON TO REGISTERED PERSON.
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- B2B Amendment
- 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
