Intra Day loss carry forward

ITR 474 views 7 replies

Hello Sir,

My client is having professional income and filing ITR under 44ada 

This year he is having speculative business income -77k , turn over is 2 .2 lakhs, and stcg ,-30 k, ltcg 35 k

Now my query is 

1 can he carry forward speculation losees with out audit, and balance sheet 

Or 

2 he has to choose 44 ad for speculation business without cary forward losses and show income as 6 percent I e 13 k and also show another professional income under 44ada in New scheme 

What is best option for this case without audit and balance sheet in New scheme and for carry forward of losess 

Thank you for reply 

 

Replies (7)

The best option for your case, without an audit and balance sheet , is to opt for section 44AD for the speculation business, declaring income at 6% (i.e. 13k), and also show another professional income under section 44ADA in the New scheme.

i am not sure if you can technically use 44AD once you are a professional covered under 44ADA!

 

 

Ok sir thank you.both ...but again now as per above  ...I am asking... can I opt both 44ad and 44 ada at the same time .... please answer if possible....

Thank you 😊 

no. as answered above. Once you pick 44ADA, you are legally barred from 44AD as 44AD specifically bars people engaged in 44AA(1) professions.

Ok sir thanks...than what option I have available ....,,? For speculation income 

have you filed return under 44AD in previous years?

Last year I filed 44ada in ITR 3 form, due to having some share income so can't choose form ITR 4,

 


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