25.07.2013 - India: Commodities trading no longer speculative?
One of the amendments carried out by the 2013 budget was the introduction of commodities turnover tax (CTT), effective 1 July 2013. Simultaneously, the budget amended the definition of speculative transaction under income tax laws to exclude commodity derivative transactions carried out in a recognized commodity association (recognized commodity exchange). The exclusion would apply to all commodity derivatives transactions in agricultural as well as non-agricultural commodities and not just non-agricultural commodity derivatives, which are subject to CTT...............................................Full Article: Source
Print