Harsimran Singh (Student) (204 Points)
30 July 2011One of my friend did intraday trading for FY2010-11. He is also a sub broker who get brokerage/commission income from his client's deals.
His own income/loss from those intraday tradings is a Business Income or Speculative keeping in view that he has an office for client handling and own dealings.
Please reply soon as you all know last date of filling is 31st July nd m already late :D
venu
(STudent)
(75 Points)
Replied 30 July 2011
As a broker he receives brokerage and commission and this income comes under Business income.
and if he has done trading on itraday basis from his own account it comes under speculative which has to be accounted on for on FIFO method
These are my views only
Disscussions are welcomed.
CAclubindia
