Comment on Introducing Balance - Clever ways to save

Akshay.A commented on 10 May 2017, 07:40 PM

Hi,
1)
If you are considering yourself an investor then you could consider the profit from such sale as a capital gain, there’s no need of computing turnover for such transactions. But if you would consider the gain as a business income then, the turnover will be the value of the sale transaction, 505000 in this case.Refer here: http://zerodha.com/varsity/chapter/turnover-balance-sheet-and-pl/ and look for “Delivery based transactions”
An audit is required if the turnover for the year crosses the Rs 2 crores. This is in the case of digital transactions, and stock market trading is 100% digital.(Otherwise, it is Rs 1 crore).

2) There isn’t a particular date to issue the retention statement, check here: https://tradingqna.com/t/what-is-retention-statement/429 and check here to understand quarterly settlement

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