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
CA PARAS BAFNA
(Expert)
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
- Gst credit note by supplier
- Missed uploading GST Invoice
- Due date for filing return for the partner in partnership subjected to Tax Audit
- GST on reimbursement of expenses
- Query on effect of registration of property
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
