Hi every one.
My main profession requires that my book of accounts be audited. I asked my CA to go for presumptive taxation scheme for FnO (which very well qualifies for presumptive taxation), along with usual audit (for my main profession) . But, my CA is discouraging it. Any insights?
Team @Quicko ?
If you opt for the presumptive taxation scheme, it will be for both your profession and F&O trades. Similarly, if you file returns under the normal scheme, it will be applicable for both. You will not be able to pick presumptive taxation for one and not the other. The only way you can file taxes for two businesses separately is if you are conducting these businesses as separate entities. For instance, one as a firm/company/HUF and the other as an individual.
Hope this helps.
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Hi @arvind1k
You can go for a presumptive taxation scheme for your FNO trading business along with your primary (main) profession which is covered under audit. There is no such clause that prevents the taxpayer from opting for the scheme for one particular business. Under Clause 12 of your Audit Report (3CB-3CD), you can mention that your Profit and Loss account includes profit u/s 44AD.
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