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Could you please clarify whether intra-day share trade turnover could be computed using presumptive taxation under Section 44 AD? Instructions in ITR- 4 give an interpretation that speculative business income cannot be computed under Section 44AD.
Barathidason R
Intra-day share trade can be computed under Section 44AD (presumptive taxation). The instructions for ITR-4 has not yet been released by the CBDT(Central Board of Direct Taxation) for FY2019-20. Therefore, you may use ITR-3 in relation to speculative income under Section 44AD.
The writer is Partner, Deloitte India. Send your queries to taxtalk@thehindu.co.in
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