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Taxation scheme

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194 Points Posted on 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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On 05 August 2023 at 18:30 Report
Replies (11)
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Chartered Accountant
24588 Points Posted on 05 August 2023
No, if you file ITR 3 then 44AD cannot be opted
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On 05 August 2023 at 18:41
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CA
115 Points Posted on 05 August 2023
You must file ITR 3 and go for normal scheme.
1 Reply
On 05 August 2023 at 19:04
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"Do the Right Thing...!!!"
128152 Points Posted on 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...??? )
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On 05 August 2023 at 19:27
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194 Points Posted on 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?
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On 05 August 2023 at 22:36
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Chartered Accountant
24588 Points Posted on 05 August 2023
File ITR 3
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On 05 August 2023 at 22:42
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"Do the Right Thing...!!!"
128152 Points Posted on 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...
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On 05 August 2023 at 22:53
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Profession Business
28207 Points Posted on 05 August 2023
Any itr filed
must hv these
1. i
threshold of income
2. source of income
3. nature of assesse.
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On 05 August 2023 at 23:03
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194 Points Posted on 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.
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On 06 August 2023 at 14:24
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"Do the Right Thing...!!!"
128152 Points Posted on 06 August 2023
Yes, You can maintain both separately And file in same return of ITR 3....
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On 06 August 2023 at 14:56
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Profession Business
28207 Points Posted on 06 August 2023
Mahesh you can apply for same.
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On 06 August 2023 at 20:12
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194 Points Posted on 06 August 2023
Thank you very much for your guidance
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On 06 August 2023 at 22:07


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