Comment on Business Line: Read Section 44AD when filing return
commented on
05 Aug 2013, 04:08 AM
Baligaa,
Firstly there is no doubt that f&O trading has to be shown as income from a business, read section 43(6) and it definitely can’t be shown under capital gains.
The amendment to 44AD happened from AY11-12, no one realized about the implications until recently when a lot of notices were sent out to people who had not got their books audited and turnover less than 1cr.
We as Zerodha and our CA have already sent out a petition against this very illogical clause to CBDT.
Cheers,