20 November 2009
I am a Director of a manufacturing concern.
Lately we have made some profit from Trading in Commodity (some commodities are related to manufacturing and some are non related).
I wanted to know what would be the tax treatment on such profit derived from Trading in Commodity ? Would be a part of Business Income or would be short term gain ?
Can i set off current year business loss with profit from trading in commodity ?
16 April 2011
Will this circular of MCX will have any impact now??
NOTIFICATION NO 46/2009, Dated: May 22, 2009 In exercise of the powers conferred by clause (ii) in the Explanation to clause (d) of the proviso to sub-section (5) of section 43 of the Income-tax Act, 1961 (43 of 1961), read with rule 6DDB of the Income-tax Rules, 1962, the Central Government hereby notifies MCX Stock Exchange Ltd. as a recognized stock exchange for the purpose of the said clause with effect from the date of publication of this notification in the Official Gazette. 2. MCX Stock Exchange Ltd. shall separately maintain data regarding all transactions registered in the system in which client codes have been allowed to be changed for periodical inspection by the Director-General of Income-tax (Investigation) having jurisdiction over such exchange and provide copies of the relevant information as and when required. 3. The Central Government may withdraw the recognition granted to MCX Stock Exchange Ltd. if any of the conditions specified in rule 6DDA of the Income-tax Rules, 1962, subject to which the recognition is granted, is violated. 4. This notification shall remain in force until the approval granted by the Securities and Exchange Board of India is withdrawn or expires, or this notification is rescinded by the Central Government as provided in sub-rule (5) of rule 6DDB of the Income-tax Rules, 1962.
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