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???????
gopal bhargav (Accountant and Article Assistant) (43 Points)
07 July 2012if 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???????
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.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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