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Forward contract

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Querist : Anonymous (Querist)
09 August 2015 What is a Forward Contract? How the same is taxed on the perspective of Income Tax?. What are the different type of Forward Contract? Please reply.
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Amol S Joglekar

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Amol S Joglekar (Expert)
09 August 2015 Any contract which has the effect of being forwarded to the next period can be viewed as forward contract.
The term is in vogue with respect to currency contract.
The profit or loss arising out of such contracts is taxable as speculative income/loss under income tax.

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