speculative business

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Nehha Laddha

Nehha Laddha (Querist)
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29 July 2010
What isthe criteria for audit of speculative business in commodities?

Please reply fast Its urgent

Aditya Maheshwari

Aditya Maheshwari (Expert)
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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.

CA Shiv

CA Shiv (Expert)
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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...

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