Opting for 44AD

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32 Points Posted on 21 August 2020
Can a person with indraday(speculative business) opt 44AD and pay tax @ 8% on his speculative turnover ?

Because it is nowhere mentioned in 44AD that he can't..
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On 21 August 2020 at 21:56 Report
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This discussion clarifies whether individuals engaged in speculative business, specifically intraday trading, can opt for Section 44AD of the Income Tax Act. While tax filing instructions for ITR-4S suggest this is not permissible, the core legal text of Section 44AD itself does not explicitly prohibit it. Therefore, it appears possible to claim tax at the presumptive rate of 8% on speculative turnover under 44AD.

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Practising CA
8954 Points Posted on 22 August 2020
Yes,he can.


Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants
E : raj @ rcdco.in
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On 22 August 2020 at 00:54
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Practice
4510 Points Posted on 22 August 2020
Originally posted by : SANYAM JAIN
Can a person with indraday(speculative business) opt 44AD and pay tax @ 8% on his speculative turnover ?Because it is nowhere mentioned in 44AD that he can't..

Yes You Can opt 44AD

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On 22 August 2020 at 09:01
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32 Points Posted on 22 August 2020
Actually, problem is that in the instructions for filing ITR-4S they have mentioned that person with speculative business cannot opt for 44ad, but in law there is no such mention.
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On 22 August 2020 at 11:04

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