Presumptive taxation scheme 44ad & 44ada

Tax planning 379 views 6 replies

Hi,

I am a stock trader in Equities, Futures & option trading with a Proprietary trading desk.. I get professional income from my firm, and my employer files the TDS under 194J. I wanted to know if i can file my income tax under the Presumptive Taxation scheme, if yes than which one is applicable for me, 44AD or 44ADA?

Thanks,

Harsh Patel

Replies (6)
44 ada because you are getting professional income.
sec... 44ADA
44ADA. 50% gross receipts are considered as business income.

But I am a Stock Trader & analyst and the list of professionals mentioned under 44ADA, does not have Stock trader listed in the list. So u think its okay to file 44ADA, i have been filling regular ITR3 so far 3 years.

TDS deducted under 194j that why .
Originally posted by : Harshit
Hi,

I am a stock trader in Equities, Futures & option trading with a Proprietary trading desk.. I get professional income from my firm, and my employer files the TDS under 194J. I wanted to know if i can file my income tax under the Presumptive Taxation scheme, if yes than which one is applicable for me, 44AD or 44ADA?

Thanks,

Harsh Patel

 


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