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Taxation using Presumptive Income section 44AD

ITR Filing 374 views 4 replies
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Instructional Designer
21 Points Posted on 04 October 2021

My intraday turnover is 1.75 crore and actual profit as per P&L is 1.25 crore.
Can i file my ITR in 44AD in which i will show my presumptive profit @ 6% of 1.75 crore turnover = 10.50 lacs and pay income tax according to slab.

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On 04 October 2021 at 18:07 Report
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5 Points Posted on 04 October 2021
No, u can not
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On 04 October 2021 at 21:15
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Chartered Accountant
149 Points Posted on 04 October 2021
Intraday is speculative business and speculation is not allowed in 44AD
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On 04 October 2021 at 23:57
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5 Points Posted on 05 October 2021
@ abhishek....in case, i have STCG of Rs. 25 lakh on turnover of Rs. 2 crore. What in that case?. can I offer income @ 6% of 2 crore. i.e. 12 lakh?
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On 05 October 2021 at 09:47
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Chartered Accountant
149 Points Posted on 05 October 2021
STCG is not speculative business , it is normal business , u can do 6% but there is a problem 6% is Minimum profit , IT OFFICER can trace ur more profits then u can come in a problem
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On 05 October 2021 at 21:39


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