APPLICABILITY OF TAX AUDIT
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 September 2010
DEAR EXPERT,
ONE OF MY CLIENT IS A SHARE SUB BROKER. FOR THE FINANCIAL YEAR 2009-10, HE HAS EARNED COMMISSION INCOME OS RS. 1250145/-
MY QUESTION IS WHETHER HE IS LIABLE FOR TAX AUDIT U/S 44AB OR NOT?
MOREOVER IS A SHARE SUB BROKER IS A PROFESSIONAL OR BUSINESSMAN?
PLEASE GUIDE ME ON THE SAME AS EARLY AS POSSIBLE
THANKING YOU
DEAR EXPERT,
ONE OF MY CLIENT IS A SHARE SUB BROKER. FOR THE FINANCIAL YEAR 2009-10, HE HAS EARNED COMMISSION INCOME OS RS. 1250145/-
MY QUESTION IS WHETHER HE IS LIABLE FOR TAX AUDIT U/S 44AB OR NOT?
MOREOVER IS A SHARE SUB BROKER IS A PROFESSIONAL OR BUSINESSMAN?
PLEASE GUIDE ME ON THE SAME AS EARLY AS POSSIBLE
THANKING YOU
18 September 2010
it would be business and hence tax audit not liable.
18 September 2010
ICAI's says, in their publication "Issues on Tax Audit" ,that share broking comes under "Business".
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