if i have an income from salary not pgbp income ( not done any businee)
and purchase goods (sugar) for holding purpose
so that if sugar rate is push we sell it
for the sake of profit
pls tell taxablity of that case
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whethet it is a investment or stock
Replies (6)
Depending upon size and number of transactions, it can be treated as income from 'PGBP' or 'IFOS"
if ony one or two transaction in a year
IFOS
if he has a income from pgbp (sale of services)
whether there is a requirement to disclose stock in hand or not in ITR 4S
whether there is a requirement to disclose stock in hand or not in ITR 4S
NO.
But in case of balance sheet inclusive of total assets (ITR3), declare under current assets.
sir whether any legal judgement available on that point pls provide name
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