Hindu Undivided Family(HUF) have only source of income from share trading which include short term, long term and day trading on equity share. Total turnover around (+)/(-) Rs.1 crore. I draw accounts showing purchase & sale and other expenditure on mercantile basis and duly audited. Is the procedure is the correct procedure or any other method to be followed?
Please advise.
As I have already said in your case, you are right, speculative business, books of accounts should be maintained compulsorily.
Expense, Income and other related expenses and income of shares related should be shown in accounts
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