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Sahil garg (Accountant)     08 June 2021

Balance sheet for share trading

dear seniors
i have a balance sheet of share trading in future and option which show turnover 3crore. and in itr 3 unde business and profession head we should have to show turnover umder sale or where please tell me


 15 Replies

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     08 June 2021

I think it falls under schedule bp- computation of income from business or schedule cg 

https://cleartax.in/s/itr3

Sahil garg

Sahil garg (Accountant)     08 June 2021

Yes i know it falls under bp. but where we put turnover value.
in trading account or anywhere else please tell me in breifly
yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     08 June 2021

Hello, if you are using turnover from tax act, I don’t know the presentation sry. But if this itr 3 is filled as per companies act, then on page 5, revenue from operations is the appropriate fill in the blank 

https://www.incometaxindia.gov.in/forms/income-tax%20rules/2019/itr3_english.pdf

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     08 June 2021

Sry your correct, in trading account.

veerendar singh

veerendar singh (tax consultant)     08 June 2021

Show it as sales
1 Like
Sahil garg

Sahil garg (Accountant)     08 June 2021

So what is our purchase.
because we calculate turnover not as sale value we calculate as per rules in income tax
1 Like
veerendar singh

veerendar singh (tax consultant)     08 June 2021

What are those income tax rules.
please quote section number or rule number.

as per icai guidelines there is a different method of calculating sales turnover.
if such method is followed then you may enter amounts in purchases or other expenses. do it anyway to arrive at the correct net profit.
only turnover and net profit matters
Ankit Neema

Ankit Neema   08 June 2021

Please elaborate you question,

for your earlier question:
trading in F &o is business income , Show it in a PGBP head.
As you turnover exceed 1Cr, there is need of Tax Audit also,
Turnover need to be shown as SALES.
Sahil garg

Sahil garg (Accountant)     08 June 2021

As sale we mentioned turnover in sale so what will be our purchase.

because if we look up as per law in delivery based trading we should treat only difference of sale and purchase as our turnover. for ex if we purchase 30000 and sale 40000. so 10000 is our turnover so what will be our purchase
1 Like
Sivaramaraju G

Sivaramaraju G (Learner)     08 June 2021

i think no need to put purchase value as we are directly putting profit margin

Sahil garg

Sahil garg (Accountant)     08 June 2021

Only sale and profit we need to put
veerendar singh

veerendar singh (tax consultant)     08 June 2021

Thats what i said.
after entering turnover just put amounts in any column so as to reach net profit
Ankit Neema

Ankit Neema   08 June 2021

There is need to show something ,If on one transaction I have profit of Rs. 10000 and on another there is loss of Rs.5000, then my turnover is 15000,
Sahil garg

Sahil garg (Accountant)     08 June 2021

Yes so we need to put 15000 as sale and how to book profit of 5000

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