29 July 2022
How speculative business income/loss have to shown in ITR? One of my clients has intraday trading and he incurred 95149 loss from it, however his sell value is 10,09,33,732 and 10,10,13,984 is cost of acquisition . so what values should i consider in ITR? and they have given speculation turnover also, i.e., Rs.3,07,865/- I know it will be treated under INCOME FROM PGBP? However I don't know whether under 44ad or not? And what value should I consider and under which section I have to shown this loss?
29 July 2022
The loss can be declared under PGBP head. Your actual turnover is 3,07,865; which is sum of absolute values of gain or loss. To declare it u/s. 44AD you must declare profit of 6% of TO.
29 July 2022
Thank you sir for giving an answer. However my client has incurred a loss Rs.95,149/- and incurred charges to that 60000 and overall he incurred -1,55149/- loss. if i consider the turnover under 44AD, definitely I should show profit 6%, but he incurred loss. sir could you please explain briefly about this?
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