Profit from trading in commodity is Rs. 162171. trade done under indian commodity exchange limited. How to show this income under income tax return and is it speculation income or not. Trade done without taking actual delivery. Income under which head to be taken.
2 Replies
CA Abhirup Kar
(CA)
(92 Points)
Replied 06 February 2012
Its a profit trom speculation business.. u ned to show such profit as pgbp income..
CA Parth Verma
(NYU Stern Alumni )
(90 Points)
Replied 09 February 2012
I have a case in which i filed the return with 1.5L of normal profit and 4.5 L of speculation loss... but got order from Deptt showing 6L of biz profit.. wat to do.... how to recctify the return or revise the return.
Recent Topics
- TDS on rent above Rs.5000 pm
- DONATION REG
- A builder or Developer has to receive completion c
- TDS paid 5% instead of 2%
- Whether deduction u/s 43B available post conversio
- B2B Invoice Ammendment
- Foreign bank charges
- Net worth certificate for Joint Owners
- Investment Strategy to avoid Capital Gain in case
- Tution fees
Related Threads
- business income net profit margin
- Futures and options trading loss
- Itr u/s 44ad with profit & with p&l a/c
- Loss of share trading in itr
- Presumptive profit U/S 44AD
- Tax treatment of profit sharing in part of a proprietary business
- Speculation loss from intra day trading - winman
- Loss of trading in f&o (derivatives)
- Loss from derivatives and Currency Trading in F&O
- V low intrday profit from stocks. should it be shown speculative income or in other income in itr3
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
