Turnover determination in speculation business (sharetrade)
This query is : Resolved
06 June 2012
Dear Sir/Madam,
My client is dealing in Purchase and sale of Shares through a Reputed financial service ltd. His Total Credit regarding purchase during the P.Y is Rs.6432008/- and Sale 5464783/- and also i am unable to determine whether it is speculative or not. Even though he has taken delivery of shares at the end of the some days.What is the turnover to be declared, whether he is liable u/s44AB
My client is dealing in Purchase and sale of Shares through a Reputed financial service ltd. His Total Credit regarding purchase during the P.Y is Rs.6432008/- and Sale 5464783/- and also i am unable to determine whether it is speculative or not. Even though he has taken delivery of shares at the end of the some days.What is the turnover to be declared, whether he is liable u/s44AB
06 June 2012
Turnover= Delivery Based Sales+ (Speculation Profit)+ (Speculation Loss).
(Speculation "-" negative sign is not to be considered.) Suppose Loss is 5000 then
Turnover =500000+ 40000+5000= 545000
You may get the Details of Datewise Scripwise Summary and P&L summary from the Reputed Financial Service Ltd.
.
(Speculation "-" negative sign is not to be considered.) Suppose Loss is 5000 then
Turnover =500000+ 40000+5000= 545000
You may get the Details of Datewise Scripwise Summary and P&L summary from the Reputed Financial Service Ltd.
.
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
- Section 270A penalty
- GST Registration Application -Rejected
- GSTR 9C- Table 9
- International transfer pricing- -> father entity vs son entity ->WHERE NO mutual say in management
- Tax liability on gift amount given to blood relation
- To Whom the Professional Invoice should be Raise
- Gst registration rule 14A
- Reimbursement of expense- GST applicable or not
- Query on solved queries
- When was the effective CA partnership deed? Can I use old FRN until new FRN alloted by ICAI?
- PLACE OF SUPPLY FOR COMMISSION AGENT
- Transport service POS
- E INVOICE, E-WAY, INVOICE
- GST RATE ON CONSTRUCTION BRICKS ?
- E stamp paper purchase
- Problem in filing Returns for International workers in EPFO
- Clarification for reversal of IGST on transfer of duty-free imported goods from EOU to DTA unit
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
Trending Online Classes
-
Live Course on GSTR 9 & 9C for FY 24-25(Detailed discussions, FAQ, Case studies and Live demo of GSTR 9/9C on GST Portal)
Industry Expert16 November 2025
CAclubindia
