Ravi (Student) (30 Points)
15 June 2016Dear Friends I have One Doubt. I Incorporated a Company which is in the nature of purchase and selling of securities, shares(Options & Futures). Whether i want to take it as business Income or Capital Gain. Co is "Trading of Securities".
What is the treatment of STT paid and How it is taken as business income ie Speculative or non Speculative. If We Taken As Business Income And Filing of return Will Not Lead to Any scrutiny?
CA Saurabh Singh
(Practising Chartered )
(974 Points)
Replied 15 June 2016
The company nature of business is trading in securtities, hence the same would be taxable under head Income from Business.
The STT paid shall be alowed as deduction as expense.
Raj Kumar
(--)
(98 Points)
Replied 15 June 2016
CA VIRAL SANGHVI
(Finance head)
(681 Points)
Replied 15 June 2016
Hiiiii
The Company which is doing business of purchasing and selling of securities, shares(Options & Futures), than it will consider as business transaction and covered under business and profession.This business is non speculative and STT paid is deductible as expense.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
CAclubindia
