Commodities transcation
suja pirama (133 Points)
30 September 2016suja pirama (133 Points)
30 September 2016
CA Tanvi Sheth
(Consultant)
(232 Points)
Replied 30 September 2016
As per Section 44AB, in Commodities related business, the turnover is defined as per the nature of transaction.
If the business is under speculation, that is no actual delivery of commodities is done then, the amount of loss will her turnover.
if it is delivery based transaction, then the amount of 3Cr will be her turnover and then the business will have to audited under 44AB.
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