Commodit transaction as business transaction not speculation

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PINAL ACHARYA (Querist)
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02 August 2013 I WANT TO KNOW THAT FROM WHICH DATE " COMMODITY TRANSACTION " IS CONSIDER AS BUSINESS TRANSACTION ????????????

ALSO WANT TO KNOW THAT " COMMODITY TRANSACTION TAX " IS CONSIDER AS BUSINESS EXPENCES AND ALLOWED TO BE AS BUSINESS EXPENCES FROM WHICH DATE ??

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 August 2013 From the date of buying or selling and CTT is not allowed as business exp as tax is a charge on profit and it is not an exp deductible upto 30.6.2013.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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02 August 2013 CTT is levied from 1.7.2013 @ .01% of the transaction value. So it will be allowed as Business Expense from .01.07.2013 onwards only.
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For clearer view refer this Write Up.

https://www.madhyam.org.in/admin/tender/Madhyam%20BP%2010.pdf
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In Section 43(5) clause (e) and Explanation 2 has been added.
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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 August 2013 sir the link mentioned above is showing error.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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02 August 2013 Thanks Tushar, now you may try.
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And see the impact -

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https://articles.economictimes.indiatimes.com/keyword/ctt
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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 August 2013 Thank you sir for updating.

Humour:
the impact was a bang reply to my reply above.

PINAL ACHARYA

PINAL ACHARYA (Querist)
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02 August 2013 sir,, want to know that from which date commodity transaction consider as busineess transaction..?

means commodity transaction are not consider as speculation transaction from which date?

if u reply on this .. i would be greatful

PINAL ACHARYA

PINAL ACHARYA (Querist)
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