Expenses to be allowed for speculative business.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 May 2012
If a Pvt. co. do speculative business like trading in future market like MCX as well as do non-speculative business then will the expense of speculative business be claimed against speculative business income and expense of non speculative business be claimed against non speculative income
OR
Income of speculative and non speculative business can be clubbed and expense of both speculative and non speculative business can be claimed joinyly.
OR
Income of speculative and non speculative business can be clubbed and expense of both speculative and non speculative business can be claimed joinyly.
19 May 2012
Income of Speculative business and non speculative business clubbed. the expenses of both the speculative and non speculative can claimed in the respective heads.
24 May 2012
Speculative business and non speculative business are treated as two different business.
Income from both the business shall be computed separately.
Expenses of respective business shall be allowed against respective income.
If there is a loss from speculative business, it CANNOT be set off against income from non speculative business.
Loss from non-speculative business can be set off against income from speculative business.
Income from both the business shall be computed separately.
Expenses of respective business shall be allowed against respective income.
If there is a loss from speculative business, it CANNOT be set off against income from non speculative business.
Loss from non-speculative business can be set off against income from speculative business.
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