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No account case and 44 Ad

Others 865 views 13 replies
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
Replies (13)

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)

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

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

Fill aggregate amount...                      


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