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Discussion < Income Tax < SEC 44AD
Post Topic
students zone,CA Students
Pallav Singhania


[ Scorecard :1184 ]

According to me Speculaion business is covered u/s 44AD. All eligible businesses are covered under this section. As per Section 44AD eligible business means:

1. Not covered u/s 44AE ( business of plying, hiring and leasing carriages)

2. total turnover is less than Rs. 60 lakhs.

However turnover in speculation business is not sale value of the scrips sold. If there is no delivery of securities (in futures and options market as well as in intraday trading) the net profit / loss is considered as turnover for each transaction. The turnover will be scrip wise difference; whether profit or loss. 

 

Suppose Future derivative market, the assesee trades in the shares of X ltd., Y ltd. and Z ltd in June series.  He makes the profit as under:

X ltd .- profit of Rs. 15,000/-

Y ltd. - loss of Rs. 10,000/-

Z ltd. - loss of Rs. 2,000/-

then his total tunover will be Rs. 27,000/- (Rs.15,000/- + Rs10,000/-+ Rs. 2,000/-). and not Rs. 3,000/- (Rs.15,000 - Rs. 10,000 - Rs. 2,000).

The business income will be calculated as 8% on Rs. 27,000/- which comes to Rs. 2,160/-








CA SUBHASH KR.


[ Scorecard :11869 ]

You are  absolutely right ...........!!!!


PANKAJ BANSAL


[ Scorecard :642 ]

IS IT


Ketan Samdani


[ Scorecard :3214 ]

Yes this is the correct method as per guidance note issued by ICAI on tax audit.


CA Chandra Shekhar


[ Scorecard :154 ]

Help! I am unable to install ICAI- Tax Suite Software on one of my friend's computer. Is any system requirement needed to install? Please share.


kumar amitabh


[ Scorecard :65 ]

I WANT TO KNOW THAT AUDIT DONE UNDER SECTION 44AD IS UNDER TAX AUDIT LIMIT i.e. 45 OR NOT ?


K George Philip


[ Scorecard :109 ]

Audit u/s 44AD is not includable in the ceiling on number of audits u/s 44AB.

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