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On 25 November 2024 at 07:37:45
Hello sir,
My normal regular business of hardware has income of 4 lakhs and having intraday and future and options losses , also having capital loss . My question is whether I can choose “No Account Case ” and van file my ITR .
Or
Can I show my regular business under 44 AD and speculative business under normal provisions and not under 44 AD , whiling filing itr 3On 25 November 2024 at 13:08:38Dhirajlal Rambhia
SEO Sai Gr. Hosp.You cannot choose no account case as you are required to maintain books of accounts as per sec. 44AA(2) of the act.
Yes, eligible..
On 25 November 2024 at 16:40:12Sir , as my business income is around 4 lakhs ,that’s why I can’t go under no account case
On 26 November 2024 at 14:54:36Dhirajlal Rambhia
SEO Sai Gr. Hosp.Yes, but if you declare income u/s. 44AD of the act, for that particular business books are not mandatory.
On 26 November 2024 at 22:38:06Can I choose 44 Ad for my regular business and show loss of intraday and f&O under normal provisions, as if i apply 44 Ad for speculative business also , i have to declare 8% of turnover of intraday , eventhough there is loss
On 27 November 2024 at 01:54:17Dhirajlal Rambhia
SEO Sai Gr. Hosp.Yes, you can declare loss, but check if there is any audit liability..
On 28 November 2024 at 00:54:49Sir , turnover is very less in case of intraday it is just 135000 and regular business has 4 lakhs , plus the return is belated one which means no carry forward of losses.
On 28 November 2024 at 06:19:53Dhirajlal Rambhia
SEO Sai Gr. Hosp.So, it would be advisable to declare income of 6/8% of the turnover for all the businesses, to avoid any future query…
On 28 November 2024 at 16:31:22Sir ,
so I should declare 8% of speculative ( intraday ) turnover , eventhough there is actual loss , right sir.
one more question sir
as short term capital loss is also there on shares , i have to file under itr 3 . whether in itr 3 , i can fill details as per 44 AD in items (61 to 65) in part – p/l. of all the business ( regular + f&o+ intraday combined)On 28 November 2024 at 18:46:02Dhirajlal Rambhia
SEO Sai Gr. Hosp.1. Why 8%, you can declare minimum 6% for such transactions…
2. Yes, there are different fields in ITR to declare whether the income declared is under speculative or non speculative businesses etc…
On 28 November 2024 at 20:51:09Yes sir 6% , as intraday are digital transactions.
Thankyou sir for your replies and timeOn 29 November 2024 at 17:02:30Dhirajlal Rambhia
SEO Sai Gr. Hosp.You are welcome..
On 30 November 2024 at 06:55:08Hello sir,
In itr 3 , for regular business i m entering the figures under 44 Ad presumptive section of p/l part ( items 61 to 65 ) , but for intraday there is no such column in p/l part for entry under presumptive schemeOn 30 November 2024 at 09:21:27Dhirajlal Rambhia
SEO Sai Gr. Hosp.Fill aggregate amount…
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