09 August 2013
Sir, In case of F&O business, Gross receipts = Profit + Loss. My query is, whether STT amount also is to be added in the gross receipts figure, and whether we can show STT in expenses; u/s 44AD in ITR 4?
09 August 2013
STT amount will NOT be added to the gross receipts. Further STT will also NOT be allowed as deduction because Section 44AD assumes that 8% is AFTER allowing ALL expenses.
09 August 2013
Sir, In ITR 4, Part A- P&L: No Account case- There are fields: 1. Gross receipts 2. Gross Profit 3. Expenses 4. Net Profit The Income which should be 8% is the Net Profit figure if I'm not wrong.
I'm asking whether we should show STT in Gross Receipts and Expenses.
09 August 2013
So, according to you no effect should be given to STT element, neither in gross receipts nor should it be shown as expense..? so it means that if I have profit figure which is after reduction of STT i.e net profit, then I need to add back the STT amount...? (All in case of F&O business)
09 August 2013
there is no guidance note on sec 44AD by icai. search in share files for guidance note on sec 44AB as revised by ICAi.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
09 August 2013
So, according to you no effect should be given to STT element, neither in gross receipts nor should it be shown as expense..? so it means that if I have profit figure which is after reduction of STT i.e net profit, then I need to add back the STT amount...?