I ) I have query in case of assessee not being a sub broker/agent any kind is as follows: What will be the respected taxable head( Business income/Cap.gain)under these circumstances:
1) Income from daily share trading. 2) Income from shares on delivery base 3) Will he be liable for Tax Audit u/s 44AB if he crosses 40 lac turnover in case of daily trading? 4) Will he be liable for Tax Audit u/s 44AB if he crosses 40 lac turnover in case of delivery base share transactions?
II) Please Reply all 4 answers if assessee is a sub broker.
10 March 2008
1) 1. UNDER THE HEAD BUISNESS 2.INCOME UNDER THE HEAD CAPITAL GAIN 3. NO HE IS NOT LIABLE FOR TAX AUDIT U/S 44AB 4.NO HE IS NOT LIABLE FOR TAX AUDIT U/S 44AB
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