Comment on Taxation Simplified

LTC commented on 28 Jul 2013, 03:28 PM

Hi Nithin, Om and team,

The P&L report which is generated gives total CONTRACT wise details. And this is what you said should be used to calculate the Turnover i.e. net profit + net loss of the TOTAL profit or loss of a particular contract. But I checked with my CA and he told me that the net profit or net loss is to be calculated per round trade basis on FIFO basis. So for an intraday trader it has to be calculated on daily basis and not on the CONTRACT total basis as what is showing in your P&L.

Kindly clarify who is right in this case.

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