sandeepbommisetty (vijayawada) (63 Points)
11 July 2024Had Short term capital gain from sale of equity shares of 10lks and i want to show it as business income, Can i file this under 44 AD? by offering 6% on turnover? my turnover is around 40lks which will result in 2.4lk income
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(180974 Points)
Replied 11 July 2024
'Short Term Capital Gain' ,,,, PGBP !!! Is n't it contravential? .....
sandeepbommisetty
(vijayawada)
(63 Points)
Replied 11 July 2024
I read somewhere that sale of shares can be declared as business income instead of Capital gains but we need to continue declaring sale of shares as business income in future years. My doubt is if I declare it as business income, can I file this under 44AD and offer 6% or 8% income on turnover even though i had more income in real than presumptive income
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(180974 Points)
Replied 11 July 2024
Technically, AIS reports it as STCG/LTCG. So, even if you declare it under PGBP, there will be defective notice for mismatch of data.
Viji Vijayaraghavan Kuppuswamy
(41 Points)
Replied 14 July 2024
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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