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Futures and option

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(Querist)
04 November 2012 Dear All,

I wish to know that can trading in futures and option (Index futures and stock futures) with a reputed stock broker be shown as business income in the books of pvt ltd companies.
The accounting for the same would be treated as sale and purchase in the books of accounts as from creditors and debtors.
What will be the tax implication in the books of the company and in case there is loss how would that be accounted.
Please note all the companies are already in existing business in there respective feilds(eg. manufacturing units, trading units, shops etc)

Please Advise ?
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Amol S Joglekar

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Amol S Joglekar (Expert)
04 November 2012 Yes, it can be shown under "business income" There are 2 groups so far as whether or not it is speculative. One group says it is "speculative" and accordingly the set off provisions will apply. Solicit your views on this.
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