if a person is trading in futures and options and shares and he makes speculative profit then how will the provision of section 44AD of Income tax act, 1961 apply???????
1 Replies
Aarush
(Delhi)
(1566 Points)
Replied 07 July 2012
Yes,
From Assessment year 2011-12, a new section 44Ad has been inserted inthe Income-tax Act to replaceexisting sec.44AD 744AF.The new Section will be aplicable to any business ( whether it is Retail trade,or Civil construction or any other business).
The provisions of the new Section will be applicable if the following conditions are satisfied:
1.Assessee eligible for the purpose of this Section has to be an Individual/a HUF/a Partnership Firm( not being a LLP);
2.The assessee has not claimed any deduction u/s.10A,10AA,10B,10BA,80HHto 80RRB in the relevant Assessment Year;
3.The is not engaged in the business ofplying,hiring,or leasing goods carriages referred to u/s. 44AE; and
4. Total Turnover/ Gross Receipt of the Assessee in the previous year should not exceed Rs. 100.00 lakhs, previously 60 Lakhs.
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