Can we report the income from sale of shares under Section 44AD instead of capital gain ?
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Section 44AD for share trading income
Replies (9)
Quick Summary
Yes, if have been continuously declaring the share trading income under head PGBP.
Yes , you can declare 6%/8% in 44AD but word of caution here, if you have opted for presumptive taxation in a particular year, and want to declare losses or income at less than the presumptive rate in any of the next five years then You cannot opt for presumptive taxation for five years.
Also Audit will be mandatory for that year if your total income exceeds the basic exemption limit.
Also Audit will be mandatory for that year if your total income exceeds the basic exemption limit.
Which business code we can select for sale of shares in 44 AD return?
'09028'
Thank you for quick reply sir, Can we just declare 6% on sale value of securities, or should I declare actual profit which I had received which is more than 6% on sale value? Will it cause a problem if i just report 6% instead of actual profit which i received?
Is it intraday trading or F&O transactions?
It is not intraday, We had nearly 400 transactions of delivery equity sale during the year, since the frequency of these short term trades are more, we wanted to declare it as business income and also the assessee is doing it like a whole time business.
The issue is the SFT report of the brokerage house goes with capital gain statement.
So, if you declare it as business income, there are chances that ITR will be declared as defective.
The issue was not there earlier.
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