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
CAclubindia
