TDS IS APPLICABLE ON SHARE PURCAHSE AND SALE BROKERAGE PAID ON CONTRACT FOR AUDIT PERSON

This query is : Resolved

Pankaj Panchal (Querist)
Follow

01 September 2022 TDS ON BROKERAGE PAID ON SHARES SALE AND SHARES PURCHASE SHOWN IN TRDING ACCOUNT AS BUSINESS TURNOVER AND AS BUSINESS IS UNDER AUDIT U/S 44AB IS DEDUCTABLE OR NOT?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

01 September 2022 Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that brokerage or commission paid in connection with share transaction is not liable for Tax Deduction at source under the provisions of the Income Tax Act, 1961.