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Section 43(5) - Meaning of term Speculative Transaction

Section 43(5) - Meaning of term Speculative Transaction - Income Tax - Profit and Gains of Business or Profession - 06 - SEC - 43(5): MEANING OF SPECULATIVE TRANSACTION This section defines a speculative transaction to mean a transaction in which a contract for purchase or sale of any commodity, including stocks and shares is periodically or ultimately settled otherwise than by actual delivery or transfer of the commodity or scrip except the folloeing: contract for raw materials in the course of .....

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speculative transaction even if no deliveries are effected. Provided that an eligible transaction carried out in respect of trading in derivatives in commodities in a recognised association shall not be deemed to be a speculative transaction provided commodities transaction tax is chargeable to such transaction. Commodities transaction tax (CTT) is chargeable on all commodities except agricultural commodities. Therefore, forward contract in agricultural commodities will be regarded as speculatio .....

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