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Taxation scheme

05 August 2023

Sir, I am conducting coaching class and I have opted Presumptive taxation Section 44AD
Now from current financial year 2023-24 I have started option trading.
So Respected Sir I want to know that next year when I will file ITR - 3 can I continue Declaration of my coaching income under 44AD and declare my options trading under normal tax? So I can avail benefit to disclose loss if my options trading T. O. is less than 10cr.
Please clarify 44AD for coaching & normal for option trading is allowed?

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11 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 05 August 2023

No, if you file ITR 3 then 44AD cannot be opted

Nehu (CA) (115 Points)
Replied 05 August 2023

You must file ITR 3 and go for normal scheme.

1 Like

RAJA P M ("Do the Right Thing...!!!") (127196 Points)
Replied 05 August 2023

As per Your query You can file ITR 3 and opt sec 44ad for Your business income.
And separately for TRADING...

( What coaching You provide...???
is this under 44ad...??? )

Mahesh Kapadia (184 Points)
Replied 05 August 2023

Yes sir it is coaching for commerce students and I filed return under 44AD since 2020-21 for coaching class but I have question can I select normal tax for trading is allowed?

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 05 August 2023

File ITR 3

RAJA P M ("Do the Right Thing...!!!") (127196 Points)
Replied 05 August 2023

If You are a individual and teaching is Your work then its not under section 44ad.

I case You are running a teaching class as business then You can ddo the same as Your way...

You can file u/s 44ad with ITR 3 and your Trading income...

sabyasachi mukherjee (26126 Points)
Replied 05 August 2023

Any itr filed
must hv these
1. i
threshold of income
2. source of income
3. nature of assesse.

Mahesh Kapadia (184 Points)
Replied 06 August 2023

Yes sir I am conducting coaching class but my Question is 44AD for coaching and normal tax for trading such dual taxation policy can we opt in same return by maintain separate Trading and profit and loss account and balancesheet for trading.