Social networking site Facebook is planning to launch a video chat function next week for its millions of users in association with Skype, says a report. “Facebook will launch a new video chat product, powered by Skype, that works in browser,” technology blog TechCrunch said citing a source.
Facebook CEO Mark Zuckerberg last week tipped off press that the company would be launching an “awesome” new product next week that has been built by Facebook’s Seattle team.
However, the press invitations to the event did not disclose anything more than “please join us for an event at Facebook on July 6.”
The partnership could substantially increase Skype usage, which currently has 170 million users.
In addition, the move would “certainly help Facebook become even stickier for users as they start to have voice and video chat as an option to communicate.” It has more than 750 million active users.
The report said that product has been built on Skype and will include a desktop component.
However, it’s not clear whether it will work if a user has already installed Skype on the computer, or if additional software will need to be downloaded even if the user already uses Skype.
The social networking site has been introducing various services in order to capture more online users. For instance, it has launched a new payment system — Facebook Credit — in India.
Loss arising from F&O trading in commodities or currencies or shares is treated as non-speculative business loss as per Section 43(5) of the Income Tax (IT) Act, 1961, subject to transaction being carried out electronically on a recognised stock exchange and supported by a time-stamped contract note. Recognised stock exchanges are the BSE, NSE, and MCX.
According to Section 73 of the IT Act, any loss incurred in the speculation business can be set off only against profit from speculation and not against any other heads of income. Loss from non-speculative business can be set off against any business income, whether speculative or non-speculative. You may set off all loss against the car finance business income and also against speculative profit assuming losses from F&O trading in commodities and currencies are non-speculative business loss and carried out on a recognised stock exchange.
Earlier, there was a controversy as to whether trading in derivatives (securities) should be treated as speculative transaction or not. So the Finance Act, 2005, made an amendment in Section 43(5) of the IT Act from assessment year 2006-07 (financial year 2005-06), providing that transaction of trading in derivatives will not be deemed to be speculative transaction if the specified conditions are fulfilled. One of the conditions is that the transaction should be done on a recognised stock exchange. For this purpose, NSE and BSE have been recognised by notification dated 25 January 2006.
Trading in commodity derivatives is undertaken on MCX and not on the BSE and NSE, which are recognised. So a doubt arises as to whether commodity derivatives are to be treated non-speculative transactions or not. MCX has been recognised vide notification no. 46/2009. Accordingly commodity derivatives on MCX are also non-speculative in nature. An appropriate amendment clarification in this regard will help.
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