Statement of Capital Gain or Capital Loss

#1
Hi Fellow Traders,

U either make Capital gain or Capital loss in stock market.

I'm a day trader. I trade no. of stocks, no. of times. My Contract notes will easily run up to more than 200 per financial year, becuase I trade on all the working days. Add another 250 for commodity contract notes.

As a result, its cumbersome to manually calculate how much profit or loss one has made. Even if u show the Contract notes to the IT officer, he will be horrified (or probably get a heart attack :lol::clap::clapping: ) to audit such bunch of papers.

So, I was wiondering if our brokers provide any statement detailing Capital gain or loss made, brokerage charged, STT charged etc during the financial year. So it become easy for both the IT assessee and the IT officer to assess the income tax.

Thanking you,

Sangfroid
 

nac

Well-Known Member
#2
^ Better ask your tax queries here
http://www.traderji.com/taxation-ma...-related-quieries-i-would-get-solved-123.html

If you read some 50 or 60 pages from last, you would know the answer for your query.

I am sure, either your profit go beyond 1.2L or your turnover go beyond 10L. In this case, you should maintain books of accounts. Its mandatory, if you fall any of the above two scenarios. IT officer don't check you contract notes on first hand. Better start maintain books of accounts. If you still got queries, better click the above link and shoot your questions.
 

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