GOPAL KUMAR AGRAWAL (PARTNER) (205 Points)
07 May 2010If the Individual Person (Jobber) has received the jobbing charges from the Stock Broker and Stock Brokers deduct the TDS @ 2%. If in case the jobber has incur loss and he has paid to the Brokers due to losses in that case Jobber is liable to Deduct the TDS OR not from the Stock Broker please advice me.
Amir
(Learner)
(4016 Points)
Replied 08 May 2010
Dear Sir,
Could you please explain what is the meaning of "jobbing".....and waht are the "charges" in relation to that....
As far as I know a transaction entered with a speculative motive is called as jobbing. It may or maynot setteled without delivery. BUt it will always remain a transaction of sale-purchase....
TDS is not applicable on sale/purchase.....
In my view -Stock broker is not following the right approach & TDS should not be deducted on Gains of the clients & same way clients are not liablt to deduct TDS on losses suffered....
Would appreciate if you can clarify what exactly the transaction involved in the entire process....
CAclubindia
