Commodit transaction as business transaction not speculation

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This query is : Resolved

PINAL ACHARYA (Querist)

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)

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)

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)

02 August 2013 sir the link mentioned above is showing error.

Message likes : 1 times

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

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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Message likes : 1 times

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

02 August 2013 Thank you sir for updating.

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

PINAL ACHARYA

PINAL ACHARYA (Querist)

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)