Traders - Compliances under Revised 44AD

#61
Re: Please help, need answers ASAP

I won't be trading F&O in future as it was just an experiment. So, can I show myself as investor in this case?

Given the new amendments introduced last year, once you choose an option - to go for 44AD or not, you cannot change the option for next five years.

So i would better suggest that you go for net income option and merge the turnover of both and get the audit done.

with regards to declaring yourself as a trader or investor, it never helps to go for investor option as it is much more difficult to adjust capital losses in future.
 

wisp

Well-Known Member
#63
Re: Please help, need answers ASAP

Given the new amendments introduced last year, once you choose an option - to go for 44AD or not, you cannot change the option for next five years.

So i would better suggest that you go for net income option and merge the turnover of both and get the audit done.

with regards to declaring yourself as a trader or investor, it never helps to go for investor option as it is much more difficult to adjust capital losses in future.
Would each business not be considered separately? for e.g. if one business falls under 44AD and the other not, then one is audited and the other uses 44AD, is that not correct?
 

suri112000

Well-Known Member
#69
Sir what if i have paid Interset on HL Amounting Rupees 1.50 lacs
Still you need to go for audit because your gross income is greater than 2.5 lakhs and your trading income is less than 8% of total turnover.