Sir,
Day trading is done in share market.how to account the same in the books of accounts.whether to record as purchase and sale transactions or is it enough to refelect the net transactions
sukumar
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Share market transactions
Replies (1)
If day trading without delivery is your regular business, in such transactions, the aggregate of the difference amount, i.e., positive difference (profit) and negative (loss) difference should be considered as turnover for the purpose of determining the audit under Section 44AB of the IT Act. Hence, net transactions taking loss as positive should be recorded in the books of accounts.
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