Settlement day is T+2 for Intraday equity.
Now if someone make profit on 31st March 2021.
Does that profit report in FY21 or Next Financial Year statements ?
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FY21 is the current financial year, i.e 1st April 2021 to 31st March 2022, so your question is about FY20.
I am 99% sure that you will need to include your profit while filing for ITR this year, but I am not a lawyer or CA so don’t take my word on it. @Quicko is the resident tax expert.
@ShubhS9 Can you please move this post and the following posts into a separate topic about “FY abbreviation”? I flagged the post but @system hid it.
Kindly refer to this article:
Sir, the profit should not be reported in this year (FY21) according to my knowledge.
As mentioned above, the current financial year (01-04-21 to 31-03-2022) is Financial Year 2021-2022, abbreviated as FY21.
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A fiscal or financial year is denoted by its ending year, not by starting, so FY21 is Financial Year 2020-21 (Assessment Year 2021-22)
Are you sure? I read this on Wikipedia:
In India, the government’s financial year runs from 1 April to 31 March. It is abbreviated on the basis of the starting year, thus the current financial year 1 April 2020–31 March 2021 is abbreviated as FY20.
Sir, I request you to please provide constructive criticism instead of resorting to ad hominems.
Sorry. Don’t mind… I wasn’t serious. I will share you if I find something.
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Someone should edit Wikipedia to make a correction… personally, I think abbreviating the starting year makes a lot more sense, FY21 starts in April 1 2021 and both AY and FY will start in the same calendar year.
Sorry about going off-topic, perhaps a moderator could split the portions about FY abbreviation into a different topic as I see merit in it.