Gross Receipts/Expenses

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Querist : Anonymous

Querist : Anonymous (Querist)

22 May 2011 What is the mean of Gross Receipts in relation to intraday trading of shares & derivatives. More particularly when loss is occured in entire previous year, what amount will be treated as Gross Receipt and Expenses for PL purposes and ITR 4

U S Sharma

U S Sharma (Expert)
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22 May 2011 in case of deriatives/intraday, the contract payable value, as its business income/speculation income.

for cpaital gain ( delivery based) only the diff is to be taken in account.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 May 2011 Absolute value of the profit and loss is the turn over / gross receipts for the purpose of 44AB audit.
Citation :- Growmore Exports Vs. ACIT 78 ITD 95.

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