audit limit for the sub broker
This query is : Resolved
CA PRANESH AGRAWAL
(Querist)
03 February 2008
Hello,
Respected collegues,
One of my client is a sub broker and having commission income.For the income tax purposes his commission income will come under professional income and for audit pupose limit of 10 lac is to be taken in to consideration.But if he is doing daily trding then the turnover of shares will be more than 40 lac .then audit is require or not?.
Being the sub broker ,his main business is buying and purchasing shares on behalf of client,but if he is doing trading of shares in his personal demat a/c then what will be the consiquencies?whether the turnover of shares which are done in his own demat a/c will enough to consider the audit limit of 40 lac or the in the case of subbroker only commission receipt is taken in to consideration.(10lac limit for audit)
Please clarify the query,
Thanking You in advance,
CA Pranesh Agrawal
Respected collegues,
One of my client is a sub broker and having commission income.For the income tax purposes his commission income will come under professional income and for audit pupose limit of 10 lac is to be taken in to consideration.But if he is doing daily trding then the turnover of shares will be more than 40 lac .then audit is require or not?.
Being the sub broker ,his main business is buying and purchasing shares on behalf of client,but if he is doing trading of shares in his personal demat a/c then what will be the consiquencies?whether the turnover of shares which are done in his own demat a/c will enough to consider the audit limit of 40 lac or the in the case of subbroker only commission receipt is taken in to consideration.(10lac limit for audit)
Please clarify the query,
Thanking You in advance,
CA Pranesh Agrawal
CA PRANESH AGRAWAL
(Querist)
10 March 2008
i am asking new query regarding this,thnaks
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
