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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Taxation using Presumptive Income section 44AD
Replies (4)
No, u can not
Intraday is speculative business and speculation is not allowed in 44AD
@ 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?
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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