chandra prakash (1 Points)
19 June 2023
1) I have 2 income source, i.e. salary + F n O trading. Which ITR I need to file between ITR-3 and ITR-4?
2) My Salary income is in 30% tax bracket. For F n O my turnover is 6 lakh and Profit is 1 lakh. Can I file under 44AD and pay tax on 6% of turnover(6 lakh) = 36000. Will there be any issue in this? Or do I need to pay tax on the total profit amount of 1 lakh?
B Durga Prasad
(Student)
(175 Points)
Replied 20 June 2023
1) Based on the information provided, you will need to file ITR-3 if you have income from salary and F&O trading. ITR-3 is applicable for individuals and HUFs having income from business or profession.
2) The option to file under 44AD is available for individuals who have income from a business that falls under the presumptive taxation scheme. However, the presumptive taxation scheme under section 44AD is not applicable to income from F&O trading. F&O trading is treated as non-speculative business income, and you will need to calculate and pay tax on the actual profit amount of 1 lakh.
To learn more about Risk Disclosure for Individual Equity F&O Traders click here
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