itr3 consultancy + intraday & equity

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chirag lalwani (Querist)
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08 August 2018 Hi, I have income from consultancy (Professional Engineering consultancy), equity delivery and intraday. What I thought was to declare my professional income under 44ada in presumptive income (in no account case section in itr 3) and intraday (not a income but a loss to carry forward to next years) as my business income accordingly in p&l statement. But to be safe as this was my first year with stocks investment/trading, i appointed a ca, who provided my professional consultancy income as Business(sales of services) and intraday losses as short term capital losses. What am i missing ? or was i wrong ? Kindly help if possible in order to understand this. Thanks in advance.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 August 2018 there is no need to classify professional income as business income. Both can be covered in P&L statement in ITR-3 itself. But you won't be able to take benefit of 44ADA in that case. Intra-day losses are not to be accounted for as capital gains. So the advice from the CA doesn't seems to be in line with the established legal positions.

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chirag lalwani

chirag lalwani (Querist)
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09 August 2018 @Nikhil Kaushik thanks for the reply.
He classifies my professional income in P&L(regular books) statement in itr 3 and combined intraday losses ( very less INR ~500) with short term capital losses in STCG.
It will be very helpful if you could help me with following confusions related to same ....

1. If i want to have 44ADA benefit in itr3, is it possible ? I have tried mentioning my professional income under "NO ACCOUNT CASE" in p&l, but schedule BP sr4 and sr36 is not reflecting the same, these are shown in grey and not enabled.
2. is it possible that i will define my professional income in NO ACCOUNT CASE in p&l and intraday losses with regular books in p&l ?
3. Is NO ACCOUNT CASE is considered as presumptive section in itr 3 in p&l, if it is, then why same is not reflecting in Schedule BP sr 4 and sr36(non-editable, disabled).

If possible, kindly answer these also. Thanks

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 August 2018 Dear Chirag,

For 1, I would suggest that you ask your CA to help you on this.

For 2, no you cannot do that

For 3 again, ask your CA to work on this.

i am sure he is getting paid for it and should be helping you on this properly.

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chirag lalwani

chirag lalwani (Querist)
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09 August 2018 Thanks Nikhil Sir for your help.

He already filed itr a while back, and i was curious about these things. That's why asked. Thank you for your time sir

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 August 2018 you are most welcome :)