speculative business
This query is : Resolved
Nehha Laddha
(Querist)
29 July 2010
What isthe criteria for audit of speculative business in commodities?
Please reply fast Its urgent
What isthe criteria for audit of speculative business in commodities?
Please reply fast Its urgent
Aditya Maheshwari
(Expert)
29 July 2010
F & O in commodities is treated as speculation business.
Sum of positive & negative differences is considered as turnover for the purpose of audit u/s 44AB. If the saem exceed the limit then tax audit compulsory.
Sum of positive & negative differences is considered as turnover for the purpose of audit u/s 44AB. If the saem exceed the limit then tax audit compulsory.
29 July 2010
agree with Aditya Sir..
Neg and positive diff means:
Loss of 20 lacs
Profit of 30 lacs..
so in total consider 50 lacs for tax audit purpose...
Neg and positive diff means:
Loss of 20 lacs
Profit of 30 lacs..
so in total consider 50 lacs for tax audit purpose...
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