06 June 2012
sir, I have transaction in commodity future in that no delivery i have taken, how the turnover should be counted??, and whether it should be shown as speculation business or normal business??
06 June 2012
The transaction is not a speculation business. As you mentioned transaction is settled without delivery, transaction should be recorded on net amount paid or received by you. A single transaction does not constitute business and it should be shown as income from other sources. Hope the above is suffice.
CAclubindia
