The assessee is an employee / retired employee. He did trading in futures and incurred loss. The turnover for the purpose of calculating profit / loss is around Rs. 50K only. Whether should we pay tax as per Section 44AD of the Act or omit the Loss.
In another situation if the assessee earns a profit of Rs. 40K (3% of the Turnover), should we pay tax on the profit of Rs. 40K or should we pay tax on income calculated u/s. 44AD of the Act.
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