07 May 2011
A person did intraday trading in commodities futures on 31st march 2011 & EARNED PROFIT. this transaction will be shown in his ledger with broker on 2nd april. now question is that whether that profit will be taxable in year 2010-11 or 2011-12?
08 May 2011
The profit is earned in the financial year 2010-2011. So, it will be taxable in the same year. It wont matter on which date the transaction will be shown. The contract note shall bear the date 31st March Only. So the transaction is to be shown in books on accounts in the same year only.
08 May 2011
Thanks Amol. One more thing, in case of stock brokers, how service tax is deal with for 31 st march transactions? service tax for march is to be deposit on 31st only. bt transaction are done till night in commodity market. so how it is dealt?
CAclubindia
