dERIVATIVE (cOMMODITY) ACCOUNTING FOR INCOME TAX PURPOSE
Querist : Anonymous
It is beneficial for low taxed assesse to treat this income as business income.
Please let me know the accounting procedure for same.
Querist : Anonymous
Would you provide me the computing treatment for the same and tax thereof
Guidance note is attached herewith
https://www.caclubindia.com/share_files/guidance-note-on-accounting-for-futures-options-28916.asp
net profit is business income liable for tax.
Querist : Anonymous
THAT MEANS NORMAL TAX PROVISION WOULD APPLY ONLY EXCEPION IS THAT IT WILL BE COMPUTED UNDER SEPARATED HEAD OF SPECULATIVE BUSINESS INCOME TO BE SET-OFF ONLY FROM INCOME DERIVED FROM IT.
Querist : Anonymous
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