01 October 2019
Dear sir/Madam, i have salary income after standard deduction and PT - Rs. 198800 Chapter v deductions - Rs.106277 i have professional income (194J) - Rs.148000 I have speculative profits from intra day trading - Rs. 1524 I have loss incurred from Non speculative business - Rs. 110842 Expenses incurred while doing the business as per the - Rs. 47923 trading statement F&O turnover as per the statment is 172 lakhs from the above, please guide me as follwos 1. which itr to file ? 2. if ITR 4 to be considered so what shall be turnover part on which presumptive income will be calculated? 3. if itr 3 to file what shall be corse of action to be followed? 4. Tax audit applicable or not? your help would enable me to move forward with further procedure. Thank you all.
02 October 2019
1 File ITR 3. 2 ITR 4 not applicable for speculative business. 3 Calculate turnover for F&O aggregate of gains and losses(Not consider as per statement). 4 Tax audit applicable if turnover calculated above exceed 1 crore.
02 October 2019
Received your reply thank you. But, what will be the revenue that need to be mentioned/considered in Profit and Loss account? Why can't we go for itr 4 when we have TO less than 2crores? And sec 44ad list of business also does not mentioned about that this is F&O is not listed.. Correct me if iam wrong so..
02 October 2019
Sir, I needed the clarification on considering turnover on which 6℅ of the TO to be taken or which to to be taken? There is a note said in sec 44ad that, if tax payer choose the 44ad and the total income should not be more than 2.5 lakh... And this non speculative loss can be adjusted againest the other incomes except salary...
02 October 2019
1 Consider 6%. 2 If you want to adjust loss file ITR 3. 3 If you report less than 6% profit and total income exceed 2.50 lacs then tax audit required.
02 October 2019
Sir, so far his total income is less than 2.5 lakhs after considering his deductions in salary excluding the presumptive profit. So, does this limit of 2.5 is all about inclusive of presumptive profit also or we should not add this profit figure to total income ? 2.Can i take less than 6% on aggregation of all figures or Turnover given in statement? which is of Rs.172 lakhs?
02 October 2019
Computation Salary income = 198812 Profession income u/s 44ada = 75948 (which is of 50%) Speculative profits = 1524 ------------------- GTI 274760-00 Chapter VI deductions 106277-00 -------------------- Total Income 168530-00 ---------------------- Her i still have to take presumptive profit in computation do i need to consider the profit also fro limit of 2.5 lakh (total income) or not ?
02 October 2019
Sir,then limit of 2.5 will exceed as mentioned in 44AD rule in F&O case right ? there by i have to get books audited and file tax audit report also right ?
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