audit limit for the sub broker
This query is : Resolved
03 February 2008
Hello,
Respected collegues,
One of my client is a sub broker and having commission income.For the income tax purposes his commission income will come under professional income and for audit pupose limit of 10 lac is to be taken in to consideration.But if he is doing daily trding then the turnover of shares will be more than 40 lac .then audit is require or not?.
Being the sub broker ,his main business is buying and purchasing shares on behalf of client,but if he is doing trading of shares in his personal demat a/c then what will be the consiquencies?whether the turnover of shares which are done in his own demat a/c will enough to consider the audit limit of 40 lac or the in the case of subbroker only commission receipt is taken in to consideration.(10lac limit for audit)
Please clarify the query,
Thanking You in advance,
CA Pranesh Agrawal
Respected collegues,
One of my client is a sub broker and having commission income.For the income tax purposes his commission income will come under professional income and for audit pupose limit of 10 lac is to be taken in to consideration.But if he is doing daily trding then the turnover of shares will be more than 40 lac .then audit is require or not?.
Being the sub broker ,his main business is buying and purchasing shares on behalf of client,but if he is doing trading of shares in his personal demat a/c then what will be the consiquencies?whether the turnover of shares which are done in his own demat a/c will enough to consider the audit limit of 40 lac or the in the case of subbroker only commission receipt is taken in to consideration.(10lac limit for audit)
Please clarify the query,
Thanking You in advance,
CA Pranesh Agrawal
10 March 2008
i am asking new query regarding this,thnaks
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