Audit limit calculations for future and option transactions
This query is : Resolved
16 April 2012
Do we have to calculate daily profit and loss total of future transaction to calculate tax audit or is there any other method
e.g. suppose i bought 1 lot of essar oil for 100/- per share and 1 lot consist of 1000 shares i.e. rs. 1,00,000/-. on 01.04.2011
now i settle the transaction by seeling on 24.4.2011 for 105 and gained a Rs. 5000/-
now do i have to calculate daily profit or loss or only 5000/- for tax audit limit ?
please explain and give reference to the provision of the same in income tax act
e.g. suppose i bought 1 lot of essar oil for 100/- per share and 1 lot consist of 1000 shares i.e. rs. 1,00,000/-. on 01.04.2011
now i settle the transaction by seeling on 24.4.2011 for 105 and gained a Rs. 5000/-
now do i have to calculate daily profit or loss or only 5000/- for tax audit limit ?
please explain and give reference to the provision of the same in income tax act
16 April 2012
AS PER ICAI ONLY RS 5 WILL BE THE TURNOVER BUT THERE IS NO CLARIFICATION FROM CBDT IN THIS REGARD
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
