TAXABILITY OF SPECULATIVE TRANSACTION

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This discussion clarifies the tax treatment of speculative transactions, focusing on how to calculate turnover. It explains that while ICAI provides guidelines for turnover calculation, transactions without delivery of goods or scripts cannot be declared as short-term capital gains or losses.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)
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22 July 2023 HOW TO CALCULATE TURNOVER OF SPECULATIVE TRANSACTION OR NON-SPECULATIVE TRANSACTION ?

WHETHER TOTAL OF PROFIT AND LOSS NEED TO BE CONSIDERED AS TURNOVER ?
OR CAN BE SHOWN AS SHORT TERM CAPITAL GAIN ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 July 2023 ICAI has provided guidelines for calculation of turnover of different business transactions, be speculative or non-speculative; but it cannot be declared as short term capital gain/loss without taking delivery of the goods/scripts.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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14 September 2024 Good luck.

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