Proprietor having professional income and FnO trading loss

Hii

Good Morning 

1 you can to F&O business under non speculative 

2 Yes tax audit applicable only for fno 

3 yes you can 

Hi,

1) Yes you can avail benefit of presumptive taxation u/s 44ADA for professional income and tax audit for F&O loss. The loss from F&O will be treated as normal business loss and can be set-off against professional income.

2) Only for F&O.

3) Only for F&O

Thanks

Hi,

Hope you are doing well !!

1. Yes, you can do the same.

2. In your case, tax audit is not applicable. However, it s applicable only for F & O.

3. Yes, you can take benefit of section 44ADA for professional income only if you are providing eligible services.

The following are the professionals, who are eligible to opt for Presumptive Taxation Scheme under Section 44ADA:

• Engineering
• Legal
• Architectural profession
• Accountant
• Medical
• Technical consultant
• Interior business
• Other notified professionals such as authorized representatives, film artists, certain sports-related persons, company secretaries and information technology

Hello,

1. You can declare your professional income under Sec. 44ADA (Presumptive) and F&O Trading as Non-Speculative Business and set off.

2. Yes, Tax audit would be applicable for F&O Trading.

3. You can use Sec. 44ADA presumptive taxation for your professional income.

I hope this answer satisfies your requirement.

Regards,

CA Hunny Badlani

1. Yes you can do that and get set off.

2. only for F&O but CA doing that will need to certify your professional receipt as well as audit is done of a person and not any business.

3. No you don't have to maintain books you can take benefit of presumptive taxation.

If you need any such service feel free to contact me.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hi,

1. Yes.  FnO can be shown under non speculative income. You can claim set off with your professional income.

2. Tax Audit is applicable for FnO only.

3. Yes, you can take the benefit.  You needn't have to maintain Books of Accounts. 

Thank you

In the audit report professional income will be shown under presumptive taxation scheme.

Hi,

- Tax audit will be done for only F&O loss. If you do not want to carry forward the loss then you can pay 6% of the turnover under presumptive taxation scheme u/s 44AD. Under tax audit, professional income will be reported under presumptive scheme.

- In case of professional income, tax audit is mandatory when the gross receipts exceeds Rs. 50 lacs or you are claiming profit of less than 6%.

Thanks

Under tax audit , professional income will be reported under presumptive taxation scheme

1. Yes, you can show.

2. Tax audit is applicable assessee wise. Hence, if it is applicable for one business, it will also be applicable for other businesses.

3. Ideally, you will be required to maintain books of accounts.

Yes, tax audit will be conducted for you as an individual. Your professional income will be included in the tax audit as assessable under presumptive taxation.