Allowability of expenses done by stock broker

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Sadique Ahmed

Sadique Ahmed (Querist)
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14 January 2016 Whether expenses done by stock broker on behalf of customers is allowable or not? income tax

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.
.

Sadique Ahmed

Sadique Ahmed (Querist)
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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

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