|
|
| *Ostroff, Fair and Company>>>India Taxes |
In which head the income from commodities trading will b taxable under indian income tax act? |
In which head the income from commodities trading will b taxable under indian income tax act? It will be taxed as "Speculation business" under the major head of "Profits and gains from business or profession". Any Income arising out of carrying on a business or a profession will be taxed under the head Income from Business or Profession Under section 28 of the Income Tax Act,1961. A Plain reading of the question I have inferred as trading activity. There is no relation to business of futures etc in the commodity market. under the head income from business under section 28 if your trade is not related to the business of let out and winnings from lottery. income tax act If your trading commodities is in share and you have business of this then it will be taxable in the head of business and profession head. It will be called the speculation business. and other expemption provison on sale and purchases will apply as per income tax provison. and if you are not the business of sale and purchases then the trading will be taxable under the head of capital gain either LTCG or STCG. It will be taxed under the head of PGBP. |
| Tags |
| United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes India Taxes Germany Taxes Canada Taxes Australia Taxes Small Business |
Finance Categories--Copyright/IP Policy--Contact Webmaster |