26 May 2011
A individual has done some transactions of F&O and as per the provisions of IT act, the same is to be taxed as Business Income. The question is whether such persons is also covered by provisions of Section 44AD and will have to show 8% profits. Another things is whether speculative business is also covered u/s. 44AD
26 May 2011
The section does not state anything on this but common sense should prevail and full amount of gain should be taxed as income from business.
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