banner_ad

How to compute the income

This query is : Open 
Profile Image

Profile Image

(Querist)
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
Profile Image

CS Pawan Kumar Baid

Profile Image

CS Pawan Kumar Baid (Expert)
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.
Profile Image

gautam

Profile Image

gautam (Querist)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details