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Commodity transaction consider as business transaction

PINAL ACHARYA (PROFESSIONAL) (62 Points)

12 July 2013

I WANT TO KNOW THAT FROM WHICH DATE " COMMODITY TRANSACTION " IS CONSIDER AS BUSINESS TRANSACTION ????????????

ALSO WANT TO KNOW THAT " COMMODITY TRANSACTION TAX " IS CONSIDER AS BUSINESS EXPENCES AND ALLOWED TO BE AS BUSINESS EXPENCES FROM WHICH DATE ??

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Saurabh Maheshwari (B.com,ACA) (5923 Points)
Replied 12 July 2013

Commodity transaction tax @ 0.01% on other than agicultural commodities, introduced w.e.f. July1,2013.

In return gift trading in commodity derivatives excluded from the definition of speculative transaction (perhaps from date of FA 13 enactment i.e. May 10,2013) , so such trading inc=normal business income.....further just like STT deduction of CTT just .likfrom trading income.