Sir,
It assessess source of income two types
1.professional income provision as per sec 44ada
2.shares business loss for f&o
Question:
Assessess sec 44ada provision it returns filed prepared balance sheet for professional income only or f&o or both incomes .
Yes. If the assessee has both professional income under Section 44ADA and F&O business loss, the Balance Sheet and P&L in the ITR should cover both activities, not only the professional income. However, the 44ADA professional income is computed presumptively (normally 50% of professional gross receipts and fnaf games), while the F&O profit/loss is separately reported as business income/loss. So, Balance Sheet = overall financial position; P&L = professional + F&O business details, as applicable.
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