If a person has Business Turnover of Rs 44 Lacs showing profit u/s 44AD Rs 5 Lacs
He suffered a loss of Rs. 6,000/- in Option Trading. Option Turnover is 2 Lacs
Whether he can show Option Turnover u/s 44AD and show profit of 2 Lacs * 6% = 12,000/- profit irrespective of the actual loss.
Please Guide
Turnover can't be adjusted but profit may be adjusted.
Loss should be audited
CAclubindia
