Stock market trading.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 June 2012
If there is no profit in stock market trading is it mandatory to inform the income tax authorities about the turnover. The turnover can easily exceed Rs. 40 lac per annum.
CA PARAS BAFNA
(Expert)
24 June 2012
You have to report for your own benefit. No profit means zero profit or loss. If you show income under the head capital Gains , Turnover does not remain an important factor.
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By filing timely returns you can claim the losses also and can carry forward the losses to the next year.
.
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By filing timely returns you can claim the losses also and can carry forward the losses to the next year.
.
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