• Professional income under presumptive tax and day trading under non presumptive tax

Dear Sir,
I have income from engineering consultancy services. For income from consultancy services I would like to go for presumptive tax in my ITR. I have loss from day trading for which I would like to go for non presumptive tax in ITR. My query is
- can I go for above in my ITR
- which ITR should I use to show both presumptive and non presumptive approach for both the above type of business income
- will I be required to get my day trading account audited if I go for non presumptive tax with my turnover less than 1 crore
Thank
Aseem
Asked 4 hours ago in Income Tax

Dear Sir, 

 

Hope you are doing well.

 

1. Yes.

 

2. ITR 3

 

3. No, tax audit is not required.

 

It is advisable to take a phone consultation for detailed discussion.

 

Thanks & Regards,

Payal Chhajed 

 

 

Payal Chhajed
CA, Mumbai
5209 Answers
309 Consultations

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