IS DERIVATIVE TRADING BUSINESS COVERED UNDER SECTION 44AD ?
PLEASE HELP ?
6 Replies
CA MAYANK WADHERA
(CA CS CMA(I))
(789 Points)
Replied 18 June 2011
YES IT MAY BE COVERED , BECAUSE AS PER SECTION 44AD ANY BUSINESS CAN BE COVERED UNDER THE PERVIEW OF THIS SECTION EXCEPT THE BUSINESS OF PLYING , HIRING OR LEASING GOODS CARRIAGE( i.e. SECTION 44AE) .
8% OF GROSS INCOME FROM DERIVATIVES INCOME WILL BE TAXABLE AT NORMAL RATES OF TAX
THIS SEC IS APPLICABLE ONLY TO RESIDENTS AND ONLY TO INDIVIDUAL , HUF AND PARTNERSHIP FIRM AND NOT APPLICABLE TO LLP
IF THIS SECTION IS OPTED THAN SECTION 44AA AND 44AB NOT APPLICABLE
NOTWITHSTANDING ANYTHING ABOVE THE GROSS INCOME SHOULD NOT EXCEED Rs 60 LAKH
KIYOSH
(TAX CONSULTANT)
(332 Points)
Replied 20 June 2011
IN LAST YEAR MY CLIENT (IND) HAD LOSS OF AROUND 1 LAC IN DERIVATIVE TRADING & HIS TURNOVER IS 3 LAC.
TO CARRY FORWARD THIS LOSS IS HE REQUIRE TO GET HIS ACCOUNT AUDITED (AS PER SECTION 44AD) ?
PLEASE REPLY.
ca rajesh sharma
(chartered accountant & taking coaching class)
(40 Points)
Replied 19 December 2011
yes it is cover under section 44ad & audit is compulsory for cf of loss.
Recent Topics
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
- Need your valueble insight.
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
Related Threads
CAclubindia
