Redemption/ Switch of Mutual Funds and Section 44ADA
Dear Sirs / Madam
I am planning to file my returns using Section 44ADA (presumptive basis) as I am data processing freelancer and do Customer oriented /IT related jobs for an overseas client.
However, in an effort to streamline my Mutual Fund portfolio like converting to Direct plans, switch from non performing to performing funds, I have had a revamp. I have switched certain funds to other funds within the same house while in others, I had to do redemption to again re invest in better performing funds. All these changes are for funds who are well past invested before one year ie LTCG. (no tax to be paid)
My query is since I carried out the above exercise, will i not be able to file my returns through ITR 4Sugam as it says for Capital gains, this is NOT applicable?
It would be pity if that is the case as my income is pretty much straight forward and recorded in Banks. All I was hoping for is by pass the cumbersome exercise of deducting expenses , maintaining books, bills, salary records etc.
Thanks for your kind advice.
Regards
Vikas Vyas