Treatment Under F & O of Different Items
This query is : Resolved
15 January 2010
1.In which group Mark To Market should be included intially?
2.On settlement Shall Mark To Market difference be transferred to P & L a/c?
3. If yes can I show it as speculation income or speculation loss in profit & loss a/c?
2.On settlement Shall Mark To Market difference be transferred to P & L a/c?
3. If yes can I show it as speculation income or speculation loss in profit & loss a/c?
15 January 2010
1. It should be booked under the head "Mark-to-Market Margin A/c"
2. Yes
3. It will be non speculation profit or loss and not speculation
2. Yes
3. It will be non speculation profit or loss and not speculation
15 January 2010
And also for further assisstance you can download Guidance Note on Accounting for Equity Index and Equity Stock Futures and Options from this link https://www.caclubindia.com/share_files/files_display.asp?files_id=8370
16 January 2010
Sir, but i want to know about in which group, shall it be included in Current Assets or in any other group?
Secondly, please explain briefly, why it shall not be treated as speculation, though itis trading of shares?
Secondly, please explain briefly, why it shall not be treated as speculation, though itis trading of shares?
16 January 2010
It will go under the head loans & advances or under current liabilities.
As per Income Tax Act 1961 section 43(5) deravatives trading in shares is not treated as speculation trading
As per Income Tax Act 1961 section 43(5) deravatives trading in shares is not treated as speculation trading
16 January 2010
Thank you sir for your guidance
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
- Query Regarding on TDS section 194H and 194J
- NR GST NUMBER
- Fixed Deposit Claim Relinquishment by the Nominee
- ITR 6 Schedule CFL and UD Issues
- FREELANCING ACCOUNTANT
- GST Form ADT-02
- TCS ON SOFTWARE SALES
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- Not a CA , can we prepare balance sheet
- GST Department hearing
- Tax for legal heir if unutilized amount in capital gains account of the deceased to be withrawn
- Query reg: Accounting standard, Indian Accounting Standard, IFRS, GAAP, Cost Audit, Frontend audit
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Is CFA or actuary good after CPA and CMA
- Transferring CA articleship from old to new scheme of education and training
- GST Refund SB005 Error
- Notice u/s.148- Asstt.Year 2015-2016
- Invoice Numbers Wrongly Entered
- TDS on purchase of value vouchers for employees ?
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
