Query regarding ICDS viii:- We have say 2 scrips of 1-1 shares each... both purchased at say Rs 100 .. basket value Rs 200. At 31st March 22 market price of scrip A becomes 500 and scrip B becomes say Rs 50. My basket NRV becomes 550. I cfd values at whichever lower i.e. Rs 100 foŕ scrip A and Rs 50 for scip B total rupees 150 as per ICDS LOSS OF RS 50 IS NOT ALLOWED... because NRV of basket value is higher .. Now in next year say I sell scrip B (op bfd value is 50) at say Rs 95 only ... so I have actually made a loss of Rs 5 but my books will show the false profit of Rs 45 and will pay tax on Rs 45.. ... ...??? What's is my position... ..? Should I pay tax on Rs 45 while actually I have incurred a loss of Rs5.. can you please clarify... ??
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Wrong or double taxation - ICDS VIII
Replies (1)
Icds is applicable when securities are held as stock in trade
Classification of securities is done under categories, as, shares, debt securities
not on scrip wise, so on sale of scrip you incurred net loss of ₹5
in books of accounts your profit for p.y already comes down by ₹50 . in current f.y books show profit of ₹45
Classification of securities is done under categories, as, shares, debt securities
not on scrip wise, so on sale of scrip you incurred net loss of ₹5
in books of accounts your profit for p.y already comes down by ₹50 . in current f.y books show profit of ₹45
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