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Speculative Businees

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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?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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