Comment on Taxation Simplified
commented on
07 Feb 2013, 09:29 AM
Hi Zerodha,
I have a couple of queries relating to the commodities market.
1. Can u please provide me the relevant section or rule or any such circular which substantiate the fact, that the forwards commodity contracts does not come under speculative transactions. As per section 73 there is no such distinction given in respect of speculative contracts which requires actual delivery. Also from the judgement of ITAT Delhi in the case of ITO v. Ethno Financial Research Pvt. Ltd., Appeal No.: ITA No. 2743(Del) of 2008, the derivative contracts are said to be of speculative nature.
2. While preparing my P&L account for the year ending 31 March 2013, should I consider my income on cash basis or should I also consider the M2M difference of open positions.