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.
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.
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).
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