Share trading
This query is : Resolved
11 June 2013
IF an assesee in the business of trading shares on delivery basis & some on Future & option .That the result of trading is loss in both the cases(delivery base & future & option )& books of accounts not mentioned by the assesse.That i want to know how we present this loss in the return of income under the head PGBP.
11 June 2013
Loss can be claimed by maintaining Books of account.
.
In case the loss can be explained through brokers statements then one can also
claim the loss on the above basis.
.
In case of trading in shares Sales and purchases figures are required to be shown in respect of delivery based transactions.
However in case of loss in futures, you can show the same under the heading Other Expenses in the ITR.
.
.
In case the loss can be explained through brokers statements then one can also
claim the loss on the above basis.
.
In case of trading in shares Sales and purchases figures are required to be shown in respect of delivery based transactions.
However in case of loss in futures, you can show the same under the heading Other Expenses in the ITR.
.
12 June 2013
yess, this will be the another option but i found a intimation u/s 139(9)for A.Y.2012-13. In that A.Y. i had shown in the return only loss amount of both type of trading under the head pgbp. Now what will be the option to treat this as correct.That the assesse not maintained the books of accounts & in case of loss 44 AD will applicable on this because books of accounts not maintained.so how we will resolve this problem.
& in this case what is the procedure for audit because everything is true & correct by online transaction then what we will be audited by a CA.
& in this case what is the procedure for audit because everything is true & correct by online transaction then what we will be audited by a CA.
12 June 2013
It is true that 44AD creates problem for those who are engaged in share trading transactions.
.
You may treat the Brokers Statement as the part of your accounting records as these are authenticate documents through which the true profit or loss can be ascertained by the assessing authority. On the basis of above, fill up the data in P&L Schedule and leave the matter of audit at the mercy of the learned ITO.
.
In case the assessee's total income is not taxable, you may argue that Audit is not required in such cases.
.
.
You may treat the Brokers Statement as the part of your accounting records as these are authenticate documents through which the true profit or loss can be ascertained by the assessing authority. On the basis of above, fill up the data in P&L Schedule and leave the matter of audit at the mercy of the learned ITO.
.
In case the assessee's total income is not taxable, you may argue that Audit is not required in such cases.
.
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