How to compute the income

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gautam (Querist)
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04 September 2012 sir I have a client, who are doing business of sale and purchase of shares. and its transaction near about 5 crore rupees but he is suffering still losses in share market. i have got trading a/c of transaction from the client which is shown only transaction . so sir how i am compute the income of the client and in which itr .please sent reply as soon as possibe
your faithfully
gautam
ipcc group II student

CS Pawan Kumar Baid

CS Pawan Kumar Baid (Expert)
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07 September 2012 If total sale in delivery goes beyond 60 lakh, you have to do audit.

Just follow FIFO method. Start from opening stock of share, now add purchase and less sale by FIFO method.

More easy way, ask client to demand "Sauda Summary" from his stock broker, it usually contain profit n loss also.

gautam

gautam (Querist)
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27 October 2012 . sir u are give my problem answer ishall be thanfull to you and give any notes to me or give the path of obtaining that kind of notes for studying that kind of problem for deeply knowledge.

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