Commodity trade taxation
This query is : Resolved
14 November 2019
An assesssee who invest MCX COMMODITY tRADE. dURING THE YEAR ONLY 3 TIME TRADE DONE TOTAL PURCHASES 706000 TOTAL SALES 703250.DURING THE YEAR. aSSESSEE'S OTHER INCOME EXCEEDS TAXABLE LIMIT. hOW TO TAX COMMODITY TXNS
15 November 2019
Ignore the loss of 2750.
16 November 2019
i WANT TO KNOW WHETHER IT IS NON-SPECULATIVE TRANSACTION & tURNOVER IS TO IGNORING POSITIVE AND NEGATIVE DIFFERENCES AS TURNOVER AND 6% AS INCOME U/S 44AD IS APPLICABLE TO IT
16 November 2019
Yes it's non speculative. Positive and negative difference is turnover and 6% 44AD applicable.
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