How to add turnover for intraday trading in shares, wot is network of flog and buy?Pls distribute eg.?
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Answers:
An example will ensure more clarity.
I. Purchase Cost: 75
Sale Price: 77
II. Purch. Cost: 126
Sale Price: 122
On the presumption these two are the just transactions during the year the turn over of the assessee will be Rs. 6 (Rs. 2 + Rs. 4). i.e., even if a transaction results in loss the diference between the purchase and sale will be taken for the purpose of estimate turnover for Income Tax Act. This is stated as network of flog and buy.
t = i (365*r) / ps
It is NOT web of market and buy. I read the answer contained by the intertwine after replying and presently editing this answer. When it is answered by excise expert and mention of ITAT judgement is given, it should be better kept contained by mind till it is challenge or reversed within high courts.
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Answers:
An example will ensure more clarity.
I. Purchase Cost: 75
Sale Price: 77
II. Purch. Cost: 126
Sale Price: 122
On the presumption these two are the just transactions during the year the turn over of the assessee will be Rs. 6 (Rs. 2 + Rs. 4). i.e., even if a transaction results in loss the diference between the purchase and sale will be taken for the purpose of estimate turnover for Income Tax Act. This is stated as network of flog and buy.
t = i (365*r) / ps
It is NOT web of market and buy. I read the answer contained by the intertwine after replying and presently editing this answer. When it is answered by excise expert and mention of ITAT judgement is given, it should be better kept contained by mind till it is challenge or reversed within high courts.