For FY 2023-2024, what is the cut off date in March 2024, upto which (the trade date & including this date), the accounting should be done in FY 2023-2024?
Do you have a authoritative source/reference for this ?
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This is wrong, and what @Meher_Smaran said is right. Reference: Circular No.704 from the Income Tax Department, dated 28-4-1995. Here is the relevant part:
2. When the securities are transacted through stock exchanges, it is the established procedure that the brokers first enter into contracts for purchase/sale of securities and thereafter, follow it up with delivery of shares, accompanied by transfer deeds duly signed by the registered holders. The seller is entitled to receive the consideration agreed to as on the date of contract. The Board are of the opinion that it is the date of broker’s note that should be treated as the date of transfer in cases of sale transactions of securities provided such transactions are folÂlowed up by delivery of shares and also the transfer deeds. Similarly, in respect of the purchasers of the securities, the holding period shall be reckoned from the date of the broker’s note for purchase on behalf of the investors. In case the transactions take place directly between the parties and not through stock exchanges the date of contract of sale as declared by the parties shall be treated as the date of transfer provided it is followed up by actual delivery of shares and the transfer deeds.
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Maybe you should have a look at your own statements before confidently stating something so wrong.
https://incometaxindia.gov.in/Communications/Circular/910110000000000282.htm