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 What are the Symbol Specifications of Silver Commex in LME? Brief Overview: The London Metal Exchange (LME) is a key global marketplace for the trading of metals, including precious metals like silver. Silver, often used both as a store of value and in industrial applications, is a crucial commodity for investors and traders. The LME’s silver futures contract, denoted by a specific set of symbol specifications, facilitates trading in a standardized and regulated manner, ensuring market transparency and liquidity. The LME Silver contract serves as an essential financial instrument, allowing participants to speculate on the price of silver or to hedge their positions. The symbol specifications for silver on the LME are set to provide clarity on trading mechanics, settlement methods, contract size, and more, making it an attractive choice for institutional and individual investors alike. Symbol Specifications of Silver Commex in LME Trading Symbol : The symbol used for silv...

  What are the Symbol Specifications of Gold Commex in LME? Brief Overview: The London Metal Exchange (LME) is a premier global marketplace for trading metals, and it has a specific set of rules and specifications governing the trading of metals such as gold. Among the metals traded on the LME is gold, which plays a pivotal role in financial markets as a hedge against inflation, currency fluctuations, and market uncertainty. The gold contract on the LME is based on gold bars of 999.9 fineness , and its trading symbol is designed to represent a standardized contract that ensures liquidity, transparency, and smooth trading for investors and traders alike. Symbol Specifications of Gold Commex in LME Trading Symbol : Gold futures traded on the LME are symbolized by "G". Each commodity traded on the LME has its own unique symbol, and gold is represented by the letter "G" . Contract Size : The standard contract size for the LME Gold contract is 100 troy ounc...

  Income Tax Rules for Selling Jewellery by a Jewellery Store in Dubai, UAE Dubai is globally recognized as a leading hub for gold and jewellery trade, attracting buyers and investors from all over the world. With its strategic location, tax-friendly policies, and well-regulated markets like the Dubai Gold Souk and Dubai Multi Commodities Centre (DMCC) , the city has become a hotspot for jewellery businesses. However, despite its reputation as a tax haven , jewellery stores in Dubai must still comply with certain financial, tax, and regulatory obligations. This article provides a comprehensive yet brief overview of the Income Tax and related tax rules applicable to jewellery businesses operating in Dubai, United Arab Emirates (UAE). 1. Income Tax in Dubai: Key Overview a. No Personal Income Tax As of now, Dubai (UAE) does not levy personal income tax on individuals, including business owners. This makes it an attractive destination for entrepreneurs and investors. ✅ Ind...

  Income Tax Rules for Selling Jewellery by a Jewellery Store in India India has a rich tradition of investing in gold and jewellery, making it one of the largest markets for precious metals and gems. Jewellery stores, whether large showrooms or small retail businesses, play a vital role in the ecosystem. However, selling jewellery in India involves a number of Income Tax implications , compliance norms, and reporting obligations that every jewellery business must adhere to. This article provides a comprehensive overview of the income tax rules applicable to jewellery stores when selling jewellery in India. 1. Taxation of Income from Jewellery Sales Jewellery stores in India are typically taxed under the head of "Profits and Gains from Business or Profession" as per the Income Tax Act, 1961. a. Income Tax Slabs for Businesses Proprietorship Firm : Taxed as per individual slab rates. Partnership Firm / LLP : Flat 30% + surcharge + cess. Private Limited Company...

  What are the Custom Duty Rules for Importing Gold? Importing gold into a country is a regulated process that involves customs duties, documentation, and compliance with various legal frameworks. These rules vary from one country to another, and in many nations—like India, the U.S., and countries in the EU—the process is tightly monitored to control capital flow, curb smuggling, and ensure the legality of transactions. In this article, we explore the general principles of gold import customs duties, highlight country-specific rules (with a focus on India and the U.S.), and provide tips for individuals and businesses looking to import gold legally. Understanding Gold Import: Key Definitions Before delving into custom duties, it's important to distinguish the types of gold imports : Personal import : When an individual brings gold for personal use (e.g., jewelry) while traveling. Commercial import : When businesses or entities import gold for trade, manufacturing, or re...

 What Are the Income Tax Rules for Selling Gold Bars as a Gold Trader in India? Gold trading is a high-value business in India, and the Income Tax Department closely monitors transactions involving gold bars due to the risk of tax evasion and black money. As a gold trader , understanding the income tax rules applicable to buying and selling gold bars is crucial for both legal compliance and efficient tax planning . This article explains the key income tax provisions for gold traders involved in the sale of gold bars in India. 1. Nature of Business: Gold Trading If you are trading in gold bars , your income is treated as business income under the head "Profits and Gains of Business or Profession" in the Income Tax Act, 1961. As a registered business: You are required to maintain books of accounts . File Income Tax Returns (ITR) under ITR-3 or ITR-5/6 (depending on entity type). Declare gross turnover , expenses , and net profit . 2. Taxable Income ...