Hello Everyone,
If I am earning profot from share trading. I'm treating my shares as stock-in-trade and hence the profit is taxable under the head 'Income from Business'. In such case, Can I opt presumptive taxation under section 44AD and can I disclose 8% profit on the sale value.
it is regular trade. not intraday.
Thank you in advance.
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Share Trading & Presumptive Taxation
Replies (2)
Yes , You can do so by disclosing 8% (Turnover through Cash mode) / 6 % (Turnover through Banking channel) of Turnover.
CBDT has issued a circular 6/2016 dated 29.02.2016 wherein it has provided an option to the taxpayers that they would have a choice to treat and reflect their income from sale of shares as Income from business or Income from Capital gains.
Assesses will not be allowed to change his stand again that means suppose in one year the assessee has opted to show such income as business income then in subsequent years also he should show such income in such head only.
Assesses will not be allowed to change his stand again that means suppose in one year the assessee has opted to show such income as business income then in subsequent years also he should show such income in such head only.
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