Satya Mahesh (Student) (67 Points)
27 October 2015
Miss Rinkal
(Student)
(1304 Points)
Replied 27 October 2015
Speculative business is covered by basic exemption limit. However deduction u/c VI A cannot be allowed against speculative business.
Turnover is calculated as the difference in purchase price and sale price multiplied by no of units. The differences may be positive or negative values, but both are to be added to arrive at the turnover.
Regarding taxation, it is taxed at normal rates
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