{"id":142,"date":"2013-07-29T11:47:00","date_gmt":"2013-07-29T11:47:00","guid":{"rendered":"http:\/\/zerodha.com\/z-connect\/?p=313"},"modified":"2024-02-02T15:49:31","modified_gmt":"2024-02-02T10:19:31","slug":"read-section-44ad-when-filing-return","status":"publish","type":"post","link":"https:\/\/zerodha.com\/z-connect\/general\/read-section-44ad-when-filing-return","title":{"rendered":"Business Line: Read Section 44AD when filing return"},"content":{"rendered":"

\u00a0<\/a><\/h3>\n
\"HBL\"<\/a>

Article on how Section 44AD can affect a trader – Authored by Nithin Kamath on Hindu Business Line<\/p><\/div>\n

 <\/p>\n

Some of you who trade in the markets would have probably received notices for defective returns from the Income Tax department for the assessment year 2012-13.<\/p>\n

One possible reason could be that you did not take note of the the amendment to section 44AD which deals with computing profits and gains from a business on a presumptive basis.<\/p>\n

Previously, only construction business was covered under section 44AD. But from AY 2011-12, all businesses including the business of trading in the markets was brought under its purview. What this section says is that if your turnover is less than Rs 1 crore and if your profit is less than 8 per cent, then you will have to get your books audited by a chartered accountant. Turnover in this context would means settlement turnover and not contract turnover.<\/p><\/blockquote>\n

Visit this link<\/a> to read the complete article.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0   Some of you who trade in the markets would have probably received notices for defective returns from the Income Tax department for the assessment year 2012-13. One possible reason could be that you did not take note of the the amendment to section 44AD which deals with computing profits and gains from a […]<\/p>\n","protected":false},"author":176551,"featured_media":2035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[531],"tags":[97],"class_list":["post-142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-zerodha-news"],"yoast_head":"\nBusiness Line: Read Section 44AD when filing return – Z-Connect by Zerodha<\/title>\n<meta name=\"description\" content=\"\u00a0   Some of you who trade in the markets would have probably received notices for defective returns from the Income Tax department for 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