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APPLICABILITY OF TAX AUDIT

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 September 2010
DEAR EXPERT,
ONE OF MY CLIENT IS A SHARE SUB BROKER. FOR THE FINANCIAL YEAR 2009-10, HE HAS EARNED COMMISSION INCOME OS RS. 1250145/-

MY QUESTION IS WHETHER HE IS LIABLE FOR TAX AUDIT U/S 44AB OR NOT?

MOREOVER IS A SHARE SUB BROKER IS A PROFESSIONAL OR BUSINESSMAN?

PLEASE GUIDE ME ON THE SAME AS EARLY AS POSSIBLE

THANKING YOU
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
18 September 2010 it would be business and hence tax audit not liable.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 September 2010 ICAI's says, in their publication "Issues on Tax Audit" ,that share broking comes under "Business".
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