Commodity profit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 April 2011
i am trading in Commodity through the member of National Multi Commodity Exchange. Total Turnover of the Business is Rs. 58,01,193 & total purchase is Rs. 54,14,191. Total Net Profit is Rs. 3,87,002.
Whether to treat this transaction as Speculation Income or Business Income.
Whether to treat this transaction as Speculation Income or Business Income.
30 April 2011
THIS WILL BE TREATED AS SPECULATIVE INCOME
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
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Querist : Anonymous
Querist :
Anonymous
(Querist)
30 April 2011
my CA SAYS THIS IS A BUSINESS INCOME IF THIS IS A SPECULATION PROFIT KINDLY SEND ME ANY NOTIFICATIONS OR RULING.
30 April 2011
this borns out of section 43(5) only income from F&O transactions in shares is treated as business income
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
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