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Wich tax law is aplicabl ?

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This query is : Resolved

MT MAHADEVA (Querist)
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10 October 2013 dear sir

for comodity (online trading) trading 111a 1961 tax law is not aplicabl, then what will be the slab ?
and also ples tell me wich tax law is aplicbl?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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10 October 2013 The income tax act shall be apply but Section 111A doesn't apply because of it is not the shares trading.

The said trading you is comes under business category and the profit/loss shall be taxable under the business head and you have to compute turnover as per the futures and options contract view.

If you want any further clarification and full details please call me:+91 8985063892 because of oral explanation is more clarification than writing explanation for this case because of some of the information and clarifications required. To produce all this here takes some time and haves some doubts also.

OM SAI SRI SAI JAI JAI SAI

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