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Commodity trade taxation

This query is : Resolved 

An assesssee who invest MCX COMMODITY tRADE. dURING THE YEAR ONLY 3 TIME TRADE DONE TOTAL PURCHASES 706000 TOTAL SALES 703250.DURING THE YEAR. aSSESSEE'S OTHER INCOME EXCEEDS TAXABLE LIMIT. hOW TO TAX COMMODITY TXNS


Ignore the loss of 2750.

i WANT TO KNOW WHETHER IT IS NON-SPECULATIVE TRANSACTION & tURNOVER IS TO IGNORING POSITIVE AND NEGATIVE DIFFERENCES AS TURNOVER AND 6% AS INCOME U/S 44AD IS APPLICABLE TO IT

Yes it's non speculative. Positive and negative difference is turnover and 6% 44AD applicable.


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