44AD is turnover based section and the turnover is PAN based.
1.person has normal business with a friend of business also and his aggregate turnover (from both normal business and from the F&O transactions also)does not exceed rs 2 crores so my question is
whether the assessee can claim 44 ad for normal business by claiming 6% or 8% as his taxable income and maintain book proper books of accounts for F &O transactions and can claim loss under such transactions???
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44AD CLARIFICATION REGARDING F & O
Replies (2)
No. Not eligible.
Check if the aggregate turn over is minimum 95% by banking mode...
You can opt 44AD, but 8% income to declare on cas turnover and 6% on non cash transactions.
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