Intra day share trading
This query is : Resolved
29 November 2013
If my net annual turn over is less than 40 lakhs, then whether it is compulsory to maintain books of accounts and whether it should be compulsorily audited.
What is the journal entry for transaction in case of intraday share trading.
What is the maximum ceiling limit for audit purpose either 40 lakhs or 60 lakhs
What is the journal entry for transaction in case of intraday share trading.
What is the maximum ceiling limit for audit purpose either 40 lakhs or 60 lakhs
29 November 2013
The query is headed as Intra day Share Trading.
.
In case of Intra day Trading -the profit and loss is added for deciding the turnover for the purpose of Tax Audit.
.
However, in case of delivery transactions turnover means sales on delivery basis.
.
Journal entry for profit in intraday share trading is -
.
Broker's A/c
To Intraday Profit Loss A/c
.
In case of loss, the entry is reversed as
Intraday Profit &loss A/c
To Broker's A/c.
consider profit or loss only. No need to show Purchase and Sale amount.
.
Turnover limit for FY 2012-13 and 2013-14 for the purpose of Tax audit is Rs. 1 Crore.
.
.
In case of Intra day Trading -the profit and loss is added for deciding the turnover for the purpose of Tax Audit.
.
However, in case of delivery transactions turnover means sales on delivery basis.
.
Journal entry for profit in intraday share trading is -
.
Broker's A/c
To Intraday Profit Loss A/c
.
In case of loss, the entry is reversed as
Intraday Profit &loss A/c
To Broker's A/c.
consider profit or loss only. No need to show Purchase and Sale amount.
.
Turnover limit for FY 2012-13 and 2013-14 for the purpose of Tax audit is Rs. 1 Crore.
.
Message likes :
1 times
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
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Management System (IMS)
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- Foreign lottery ticket bought online from India: legality, tax and consequences
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
