Transactions related to trading in shares
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 October 2012
Hi
I have been investing in shares for past 2 yrs. I have been following FIFO basis of accounting for tax reporting in IT return.
As the markets r down , if i follow LIFO while trading but follow FIFO in IT return is it ok. Ultimately the profit gets reported anyway right?.
Help!
I have been investing in shares for past 2 yrs. I have been following FIFO basis of accounting for tax reporting in IT return.
As the markets r down , if i follow LIFO while trading but follow FIFO in IT return is it ok. Ultimately the profit gets reported anyway right?.
Help!
CA. Subhash Dangi
(Expert)
31 October 2012
As far as IT Return is concerned, U need to follow the method of valuation of shares should be used consistently.
It is 'Ok' to show in IT return on FIFO basis.
It is 'Ok' to show in IT return on FIFO basis.
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