Speculative Businees
This query is : Resolved
23 July 2010
Is transaction in derivatives is considered as speculative transaction. What should be considered as turnover for tax audit u/s 44AB, whether net income received or gross amount received?
23 July 2010
The transactions on derivatives is non speculative. refer proviso (d) to section 43(5) of the IT Act,1961.
For the purpose of 44AB limit, the absolute value of profit and loss on derivative transaction is considered as turnover.
For the purpose of 44AB limit, the absolute value of profit and loss on derivative transaction is considered as turnover.
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