Business code

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Ganeshbaabu Ts

60 Points Posted on 25 July 2018

Hi,

1. I am a freelancer. I am only working in amazon mechanical turk. Amazon Mechanical Turk is a crowdsourcing Internet marketplace. My all earning credit in my bank account (indian rupees). which business code i need to select to declare my income under section 44ADA. Yearly Income 3,40,000.

2. I am also doing intraday trading.

f&o profit 7000 - turnover 13000.

Intraday equity loss 2300 - turnover 8500.

Shall i declare both turnover under section 44AD. Shall i declare 8% of turnover as a gross profit. Please clarify me sir.

Replies (5)

CA Sunil Kumar

Chartered Accountant

2301 Points Posted on 25 July 2018

Intraday equity loss is a speculative business loss and can settoff against speculative business income only. You should file ITR 3 and carry forward business loss.
You are also eligible for filling of income tax return under section 44AD but in this case you cannot carry forward loss.

Ganeshbaabu Ts

60 Points Posted on 25 July 2018

Thank You Sir.

In nature of business tab. what code i need to select for my professional work and intraday business. Please clarify me sir.

CA Sunil Kumar

Chartered Accountant

2301 Points Posted on 25 July 2018

Suitable business code is 16019 for both professional work and intra day trading

Ganeshbaabu Ts

60 Points Posted on 25 July 2018

Thank you very much sir.

But 16019-Other professional services n.e.c. shall I declare intraday business under professional business code?

Ganeshbaabu Ts

60 Points Posted on 26 July 2018

Originally posted by : CA Sunil Kumar
	Intraday equity loss is a speculative business loss and can settoff against speculative business income only. You should file ITR 3 and carry forward business loss. You are also eligible for filling of income tax return under section 44AD but in this case you cannot carry forward loss.