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Commodities transcation
Sir,
my friend is doing commodities transaction. for the f.y. 2014 15 she incurred a loss of rs. 98,000. the transaction was for rs. 3 crore. now as she is familiar with itr4 form can she file her IT Return herself or should it be submitted for audit complusory. pl do reply
sujatha
Replies (1)
As per Section 44AB, in Commodities related business, the turnover is defined as per the nature of transaction.
If the business is under speculation, that is no actual delivery of commodities is done then, the amount of loss will her turnover.
if it is delivery based transaction, then the amount of 3Cr will be her turnover and then the business will have to audited under 44AB.
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