Comment on Taxation Simplified
commented on
28 Jul 2013, 04:05 PM
Hi
The P&L Report for Fin Year 2012-13 includes April 2012 contracts which wer bought in March 2012 but sold in April 2012
The P&L report for the year 2012-13 shows only the sale value and treats this as gross receipt and gives an incorrect figure of turnover.
How do we treat this in our returns. Ideally we should be treating the purchases of March 2012 as our cost and reduce it from the sale value to get gross receipts / turnover.
Please comment