So we can’t use both at the same time. We can show f&o income as business and professional income under 44ada. What are the books of account to maintained for f&o income as all these are online transactions.
Simultaneous use of 44ada and 44ad?
Page no : 2
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 10 March 2024
F&O is allowed under Section 44AD even in scrutiny proceedings same was accepted.
Again we can't opt 44ADA in case of F&O as nowhere in law is given that one can't opt for both simultaneously.
If the business belongs to profession you can opt for 44ADA and for other business opt 44AD.
Again we can't opt 44ADA in case of F&O as nowhere in law is given that one can't opt for both simultaneously.
If the business belongs to profession you can opt for 44ADA and for other business opt 44AD.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 10 March 2024
Still it's not good... Also can't accept..
F and O income can't be u/s 44ad.
It's my stands...
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 10 March 2024
Sir just Google it and check some articles.
Also no section in law specified that we can't opt for 44AD in case of F&O
Also no section in law specified that we can't opt for 44AD in case of F&O
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 10 March 2024
| Originally posted by : CA Rashmi Gandhi | ||
 |
Sir just Google it and check some articles.Also no section in law specified that we can't opt for 44AD in case of F&O |  |
Mam same as ,
Also no section in law specified that we can opt for 44AD in case of F&O.
( No issues You can as Your view)
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 10 March 2024
Sir go through case law of Niranjan Jata, Bhubaneswar vs Dcit,Salary Circle-3(1), Bhubaneswar on 31 December, 2019 decided by Appellate Tribunal.
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 10 March 2024
correct. you cannot use 44AD once you are a person with income covered under 44AA(1).
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 10 March 2024
ma'am. sorry you cannot use both sections. This is explicitly covered under the provisions of 44AD(6). any "person" covered under 44AA(1) is barred from 44AD. the exclusion is based on the person not the nature of income.
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 10 March 2024
ma'am. sorry you cannot use both sections. This is explicitly covered under the provisions of 44AD(6). any "person" covered under 44AA(1) is barred from 44AD. the exclusion is based on the person not the nature of income.
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 10 March 2024
ma'am. sorry you cannot use both sections. This is explicitly covered under the provisions of 44AD(6). any "person" covered under 44AA(1) is barred from 44AD. the exclusion is based on the person not the nature of income.
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