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
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