Gain on commodity exchange transactions
Sagar K (Chartered Accountant) (29 Points)
13 July 2016Sagar K (Chartered Accountant) (29 Points)
13 July 2016
TESORO CONSULTANCY
(148 Points)
Replied 13 July 2016
The gain on commodity transaction carried out through relevant exchange is treated as business income...So, all the tax treatement for the business income will applicable in this case.
Sagar K
(Chartered Accountant)
(29 Points)
Replied 14 July 2016
Is it considered as Non-speculative business if CTT paid on it ? If it is treated as normal business then do we report only profit derived from it as turnover and claim expenses related to it against it ? Whether rules followed in case of Future and options trading applies here ?