Hello sir,
My normal regular business of hardware has income of 4 lakhs and having intraday and future and options losses , also having capital loss . My question is whether I can choose "No Account Case " and van file my ITR .
Or
Can I show my regular business under 44 AD and speculative business under normal provisions and not under 44 AD , whiling filing itr 3
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No account case and 44 Ad
Replies (13)
Quick Summary
You cannot choose no account case as you are required to maintain books of accounts as per sec. 44AA(2) of the act.
Yes, eligible..
Sir , as my business income is around 4 lakhs ,that's why I can't go under no account case
Yes, but if you declare income u/s. 44AD of the act, for that particular business books are not mandatory.
Can I choose 44 Ad for my regular business and show loss of intraday and f&O under normal provisions, as if i apply 44 Ad for speculative business also , i have to declare 8% of turnover of intraday , eventhough there is loss
Yes, you can declare loss, but check if there is any audit liability..
Sir , turnover is very less in case of intraday it is just 135000 and regular business has 4 lakhs , plus the return is belated one which means no carry forward of losses.
So, it would be advisable to declare income of 6/8% of the turnover for all the businesses, to avoid any future query...
Sir ,
so I should declare 8% of speculative ( intraday ) turnover , eventhough there is actual loss , right sir.
one more question sir
as short term capital loss is also there on shares , i have to file under itr 3 . whether in itr 3 , i can fill details as per 44 AD in items (61 to 65) in part - p/l. of all the business ( regular + f&o+ intraday combined)
so I should declare 8% of speculative ( intraday ) turnover , eventhough there is actual loss , right sir.
one more question sir
as short term capital loss is also there on shares , i have to file under itr 3 . whether in itr 3 , i can fill details as per 44 AD in items (61 to 65) in part - p/l. of all the business ( regular + f&o+ intraday combined)
1. Why 8%, you can declare minimum 6% for such transactions...
2. Yes, there are different fields in ITR to declare whether the income declared is under speculative or non speculative businesses etc...
Yes sir 6% , as intraday are digital transactions.
Thankyou sir for your replies and time
Thankyou sir for your replies and time
You are welcome..
Hello sir,
In itr 3 , for regular business i m entering the figures under 44 Ad presumptive section of p/l part ( items 61 to 65 ) , but for intraday there is no such column in p/l part for entry under presumptive scheme
In itr 3 , for regular business i m entering the figures under 44 Ad presumptive section of p/l part ( items 61 to 65 ) , but for intraday there is no such column in p/l part for entry under presumptive scheme
Fill aggregate amount...
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