INCOME TAX ON ONLINE COMMODITIES TRADING

As per new notification of CBDT MCX is now a recognisedStock Exchange for the purpose of  section 43(5). .Means that income from trading

done in MCX stock exchange will now be treated a business income rather than speculation activity from 22.05.2009. This change is only appicable to MCX and not with other exchange.Also this change is not applicable to MCX(SE) which deals in currency futures.

STT will be deductible as a normal business expense.

Dear sir,

Can you please guide me, whether we have to pay the income tax on MCX Trading income at the end of the year or MCX will deduct it from my trading a/c. 

as such income received is a business activity, it would get added to your normal business income, and advance taxes / self assessment taxes would be paid on due dates as per applicable dates and percentage, however if MCX deducts any tax , then the same would be reduced from the payable advance taxes/ self assessment taxes.

Yes agree with Mr. Paras Bafana. Accurate Advice.

Originally posted by : U S Sharma
	as such income received is a business activity, it would get added to your normal business income, and advance taxes / self assessment taxes would be paid on due dates as per applicable dates and percentage, however if MCX deducts any tax , then the same would be reduced from the payable advance taxes/ self assessment taxes.

If MCX DEDUCTS SERVICE TAX THEN WHETHER IT SHOULD BE  ALSO DEDUCTED FROM ADVANCE TXA OR SELF ASSESSMENT TAX AS THE CASE MAY BE?

What is d the actual meaning of "MCX  deducts any tax means wat type of taxes are covered in it?

if  there is a income from nmce commodity exhange ( intraday proft)    

THE NMCE IS MAJOR EXCHANGE N ALL THE TRADED ARE EXCUTED WITH STAM DUTY N TRANSACTION CHAARGES

SUCH A INCOME WILL BE TREATED AS A BUSSINESS INCOME N WILL GOES IN SLAB WISE 

                                         OR 

IT WILL BE TREATED AS A SPECULATION INCOME N WILL GOES IN DIRECT 30 % TAX

Can any associate confirm if dealing on NMCE will be treated as Business Income or speculative gains in FY 13-14.

Many thanks