Two business one loss second profit ?
This query is : Open
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tusharthosar
(Querist)
06 May 2021
44 ad Gota Firm Business profit =205460/- and share trading short term loss (-256) And intreday loss (-1565) total Turnover share Business 5 lac.
which itr file? & Audit report applicable ?
which itr file? & Audit report applicable ?
CA R SEETHARAMAN
(Expert)
06 May 2021
Ignore share trading losses which are meagre, file ITR 4 with 44AD business profit. Tax audit not applicable.
tusharthosar
(Querist)
06 May 2021
Thank you
भविष्य मे कुछ problems तो नाही होग ।
भविष्य मे कुछ problems तो नाही होग ।
CA R SEETHARAMAN
(Expert)
07 May 2021
No problem in case of loss not declared.
CA Raj Doshi
(Expert)
08 May 2021
Sir. In this case, would the assessee also offer presumptive profit on intraday absolute turnover ?
CA R SEETHARAMAN
(Expert)
08 May 2021
Intraday profit is speculative hence 44AD not applicable.
CA Raj Doshi
(Expert)
08 May 2021
Dear Sir, There is no restriction for speculative business to offer income under sec 44AD.
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