Adi Adi 27 November 2020
I have below sources of Income :
During FY 2017-2018 I filled F&O profits using Section 44AD ( 6%+ profits reported).
By mistake I filled 2018-2019 FY F&O profits under “No Account Case”
“IF REGULAR BOOKS OF ACCOUNT OF BUSINESS OR PROFESSION ARE NOT MAINTAINED, furnish the following information for previous year …”
I have not selected any section here and have selected No for Audits.
FY2018-19 returns is already processed now.
Now while filing the returns for FY 2019-20 I realized I am out of Section 44AD since I missed last year, So I cannot use it now due to limit of 5yr by Income Tax rules.
What should I do now to show F&O trading profits :
Should I file under “IF REGULAR BOOKS OF ACCOUNT OF BUSINESS OR PROFESSION ARE NOT MAINTAINED, furnish the following information for previous year …” and NOT select 44AD. What are the repercussions If I do the same thing this year.
My turnover is hardly 50K and profits are say just 4K in F&O trading
Aditi Kaur (Practising CA) 28 November 2020
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ayusmita (Tax consultant) 27 November 2020
Few things I don't understand
but as you opted out from that coincidence ly you can not fill it as previously previous year as per rule so you file as same like previous year itr3
Adi Adi 28 November 2020
|Originally posted by : ayusmita|
|Few things I don't understandbut as you opted out from that coincidence ly you can not fill it as previously previous year as per rule so you file as same like previous year itr3|
Yes thats my plan to file it like last year under "No account case" and NOT section 44AD. The key question I have is why everyone opts for section 44AD and not the "no account case" . Is it just due to higher turnover limits of 44AD ?
Does this "no account case" has a some catch / conditions apart from 25 lakh turnover limit and 1.25 lakh profit