Comment on Taxation Simplified

Nithin Kamath commented on 21 Dec 2013, 01:00 PM

Hi Common,

Have been advising everyone, that they need to consult their CA before taking any decision on this. Multiple people I have spoken to have different views on this. Last year many traders received notice for defective returns, and it was mainly because of the applicability of Section 44AD. That is when we ran another post, saying that if you have received a notice, it could be the reason.
The reason for us to take the view was because, trading is not really mentioned as a profession anywhere. As per 44A profession defined are legal, medical, engineering, or architectural profession or profession of accountancy or technical consultancy or interior design or any other as is notified.

The case study you are referring to I guess is relevant to a stock broker, and not a trader. But as I said, it is our view, and as a trader when we already live in a stressful environment, it is always better to be safe than be hassled later.


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