What is mean of non-speculation ??
BHARATH MALI (Assistant of Audit) (76 Points)
21 June 2016
What is mean of Non-Speculation ??
6 Replies
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 21 June 2016
As Per Sec 43 (5) of income tax act,1961, Speculative Transaction means a transaction in which a contract of purchase or sale of any commodity including stocks and shares, is periodically or ultemately settled otherwise than by the actual delivery or transfer of the commodity or scrips.
BHARATH MALI
(Assistant of Audit)
(76 Points)
Replied 21 June 2016
That mean, its come in Profit from Business or Loss from Business
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 21 June 2016
Sir profit and loss from both speculative and non speculative business will come under the head P/G/B/P.
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 21 June 2016
Mr.Bharath, it means Profit and gains from business and profession.
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