B, a share trader, paid advance tax of 95000 for FY 17-18 on the estimated income of Rs.10 lacs in Dec. Now his income stands just at 2 lacs due to correction seen in share market and closing stock is valued at MV. If it's valued at cost (more), his income stands at 9 lacs. He wants to value at cost and doesn't want IT Refund to avoid scrutiny as he falls under tax audit. As per ICDS , it should be valued at lower of COST or MV. Can he yet value at cost (higher) and pay more tax (by avoiding huge refund )?
1 Replies
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 02 April 2018
when you are supposed to pay less tax but still if you want to pay more tax, no body gonna stop you or question you
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