B, a share trader, paid advance tax of 95000 for FY 17-18 on the estimated income of Rs.10 lacs in Dec. Now his income stands just at 2 lacs due to correction seen in share market and closing stock is valued at MV. If it's valued at cost (more), his income stands at 9 lacs. He wants to value at cost and doesn't want IT Refund to avoid scrutiny as he falls under tax audit. As per ICDS , it should be valued at lower of COST or MV. Can he yet value at cost (higher) and pay more tax (by avoiding huge refund )?
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Share trading closing stock
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when you are supposed to pay less tax but still if you want to pay more tax, no body gonna stop you or question you
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