Taxation from Income from Multiple Sources

A person has source of Income from the following:

  1. Future & Option Trading
  2. Intraday
  3. ST & LT Capital Gain
  4. Providing Services

Person doesn't want to select 44AD for Future & Option and 44ADA for Services, Instead he wants to present normal business & profession ITR with balance sheet. So, in this case is there any criteria that how much profit should be there so that Tax Audit don't get applicable?

Replies (2)
Quick Summary
This discussion explores tax implications for individuals earning income from various sources, including Futures & Options trading, intraday trades, capital gains, and service provision. The user specifically wishes to file a regular business and profession ITR with a balance sheet, rather than opting for presumptive taxation schemes like 44AD or 44ADA. A key question is whether there are profit criteria to avoid a tax audit, given specific turnover figures for F&O and services.

- FnO Turnover is 45 Lakhs

- Service Receipts is 6 Lakhs

1. For services 50%

2. For F&O if sec. 44AB(e) not applicable, then no limit.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register