Presumptive income
Yugal Gupta (student) (62 Points)
10 October 2016
Can Forex Dealers file under Presumptive Income Section(44AD or 44ADA)?
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193936 Points)
Replied 10 October 2016
No.
1. ' Eligible person' criteria may not be satisfied, as mostly the dealers are body corporates.
2. 'Eligible business' criteria not satisfied. as they charge a commission or mark-up in addition to the price obtained in the market. .
3. Do you think they can declare minimum 8% NP over their TO?
Yugal Gupta
(student)
(62 Points)
Replied 12 October 2016
Yes, I was thinking the same that if they are charging commission then how can they file under ITR 4S but in Government excel utility for ITR 4S they have specified all the business and professions for filing, so thats why doubt aroused in my mind that whether they can file or not.
Thank You for your response.
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