Suraj (797 Points)
28 February 2011I would like to know
1) which ITR to be used for a sub-broker who enjoys some limit (not actual cash limit) with Brokerage House for day-to-day trading in shares?
2) Whether such person is liable for tax audit? If yes, then what can be considered his turnover for IT section 44AB?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 28 February 2011
| Originally posted by : Suraj | ||
 |
- a sub broker is entitled to offer services to clients on behalf of principal, so the services are purely commission, not the trading. - Commission is not a trading income/ turnover.
|
 |
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
