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Presumptive taxation u/s 44ad
A is into a derivatives activity through a recognised stock exchange. he has earned net profit after considering brokerage and incidental expenses applicable thereto. can this net profit be considered as his presumptive income and tax paid accordingly @ 8% on the net profit?
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" Can this net profit be considered as his presumptive income and tax paid accordingly @ 8% on the net profit?"
For derivatives as Non-speculative business, the net profit under presumptive method will be 8% of your Turn-over. There is specific method to calculate TO.
Tax over the said profit will be as per slab.
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