whether 44AD Will be applicable on the shares bussiness. If a person engage in share trading bussiness and has a sale of share is 30 Lakh and he has a loss from sale of share whether he is required to get audit or have to show 8% Profit( Share income is the income which is very clear because the transaction always goes from d-mat a/c)
Menu
Urgent 44ad query
Replies (2)
yes, it attracts audit
furthur intra day transactions' sale purchase don't amount to sale purchase in normal course
only profit on intraday add in total sales
Please note the following
1. Remove the intra day trades and only add profit or loss from those trades into your considered sale.
2. After that compute 8% of your Sales/Gross Receipts, if you do not fall under the Taxable Bracket then you don't need to Audit your file in order to show a loss or even claim less than 8% as nett profit.
(As per my working, if you are a Male and your Sales/Gross Receipts are less than 2000000 (20 Lacs) you don't need to audit your file for claim loss or less than 8%)
Recent Topics :
- EWAY BILL TAKE OUT OF OTHER COMPAMY
- Penalty & late fee for late ITR filing
- Business discontinued as Government took possessio
- Which Aviation Services Can Air Ticketing Professi
- Section 87A
- GST on Transport
- Which software to buy
- Property Selling and buying
- Office Management System
- Can I pursue articleship alongside a regular full-
Related Topics :
CAclubindia
