Hello Folks,
I have below sources of Income :
- Salary
- Capital Gains
- Interest Income
- Small income from F&O trading
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
CAclubindia
