Sir,
When I enter details Profit of Intrday Shares in ITR No.3 AY 2019-2020 Column No.61 : "COMPUTATION OF PRESUMPTIVE BUSINESS INCOME UNDER SECTION 44AD" and thereafter enter same details in Column No.65 : "Turnover from speculative activity".
It is computing the same Income Twice and accordingly levy tax on it.
Kindly let me know which Column No. to fill and which one to left out ?
Fill details in column 65 and not 61.
Feed profit and loss account data in PL schedule (showing profit from all business), then intraday profit or loss on shares is to be shown separately because this is speculative profit or loss. Go to schedule BP and feed profit and loss from intraday. Profit and loss from future and options are considered as non speculative business.
Thank u Sir
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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