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Opting for 44AD

21 August 2020

Can a person with indraday(speculative business) opt 44AD and pay tax @ 8% on his speculative turnover ?

Because it is nowhere mentioned in 44AD that he can't..

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3 Replies

CA Raj Doshi (Practising CA) (8903 Points)
Replied 22 August 2020

Yes,he can.

Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants
E : raj @ rcdco.in

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Ravi SADhiyan (Practice) (4510 Points)
Replied 22 August 2020

Originally posted by : SANYAM JAIN
	Can a person with indraday(speculative business) opt 44AD and pay tax @ 8% on his speculative turnover ?Because it is nowhere mentioned in 44AD that he can't..

Yes You Can opt 44AD

SANYAM JAIN (32 Points)
Replied 22 August 2020

Actually, problem is that in the instructions for filing ITR-4S they have mentioned that person with speculative business cannot opt for 44ad, but in law there is no such mention.