12 October 2020
Beside my regular business of trading of Machinery parts turnover for Rs.80 Lacs. I also done share trading business (Intra day/speculative) for Rs.1.60 Lacs (Total of Plus & Minus figures) and delivery based (short term) business for 26 Lacs.
Kindly advise what will be my business turnover for the purpose of computing Income u/s 44AD of Income Tax.
Can I show delivery based share income as short term capital gain.
12 October 2020
Show delivery based share income as short term capital gain. In such a case 44AD not applicable for speculative trading. Your 44AD turnover is 80 lacs.
CAclubindia
