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Derivative Trading Income & Section 44AD


KIYOSH (TAX CONSULTANT)     18 June 2011

KIYOSH
TAX CONSULTANT 
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IS DERIVATIVE TRADING BUSINESS COVERED UNDER SECTION 44AD ?

PLEASE HELP ?

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CA MAYANK WADHERA (CA CS CMA(I))     18 June 2011

CA MAYANK WADHERA
CA CS CMA(I) 
 40 likes  789 points

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YES IT MAY BE COVERED  , BECAUSE AS PER SECTION 44AD ANY BUSINESS CAN BE COVERED UNDER THE PERVIEW OF THIS SECTION EXCEPT THE BUSINESS OF PLYING , HIRING OR LEASING GOODS CARRIAGE( i.e. SECTION 44AE) .

8% OF GROSS INCOME FROM DERIVATIVES  INCOME WILL BE TAXABLE AT NORMAL RATES OF TAX

THIS SEC IS APPLICABLE ONLY TO RESIDENTS AND ONLY TO INDIVIDUAL , HUF AND PARTNERSHIP FIRM AND NOT APPLICABLE TO LLP 

IF THIS SECTION IS OPTED THAN SECTION 44AA AND 44AB NOT APPLICABLE

NOTWITHSTANDING ANYTHING ABOVE THE GROSS INCOME SHOULD NOT EXCEED  Rs 60 LAKH

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CA ADITYA SHARMA (CA IN PRACTICE )     18 June 2011

CA ADITYA SHARMA
CA IN PRACTICE  
 2145 likes  16719 points

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agreed with above expert

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M. N. JHA (CA)     18 June 2011

M. N. JHA
CA 
 1168 likes  8311 points

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I think yes. . . . . . . . . .

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KIYOSH (TAX CONSULTANT)     20 June 2011

KIYOSH
TAX CONSULTANT 
 15 likes  332 points

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IN LAST YEAR MY CLIENT (IND) HAD LOSS OF AROUND 1 LAC IN DERIVATIVE TRADING & HIS TURNOVER IS 3 LAC.

TO CARRY FORWARD THIS LOSS IS HE REQUIRE TO GET HIS ACCOUNT AUDITED (AS PER SECTION 44AD) ?

PLEASE REPLY.

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KIYOSH (TAX CONSULTANT)     20 June 2011

KIYOSH
TAX CONSULTANT 
 15 likes  332 points

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PLEASE REPLY

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ca rajesh sharma (chartered accountant & taking coaching class)     19 December 2011

ca rajesh sharma
chartered accountant & taking coaching class 
 1 likes  40 points

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yes it is cover under section 44ad & audit is compulsory for cf of loss.


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