Allowability of expenses done by stock broker
This query is : Resolved
Sadique Ahmed
(Querist)
14 January 2016
Whether expenses done by stock broker on behalf of customers is allowable or not? income tax
CA PARAS BAFNA
(Expert)
14 January 2016
Expenditure which has incurred wholly and exclusively for the purpose of business are allowable.
.
However, the expenses for which originally the customer is liable and incurred on their behalf- have to be recovered from the respective customers and as such are not allowable.
.
.
However, the expenses for which originally the customer is liable and incurred on their behalf- have to be recovered from the respective customers and as such are not allowable.
.
Sadique Ahmed
(Querist)
14 January 2016
Thanx Paras Sir
Sir what if stock brokers don't take reimbursement from clients ? I mean stock brokers pay expenses on behalf of clients but they don't claim that expenses as their reimbursement from clients
Sir what if stock brokers don't take reimbursement from clients ? I mean stock brokers pay expenses on behalf of clients but they don't claim that expenses as their reimbursement from clients
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