BUsiness income or Professional income
This query is : Resolved
17 October 2010
During the course of scurtiny assessment, the assessing officer has treated the Brokerage received from Mutual Funds as income from Profession. The assessee has claimed it to be as income from business, gross turnover far less than 40 lacs, but more than 10 lacs in 3 years.. He also invoked and applied the provisions of section 44AB and 40(a)(ia).
Can someone provide me some case laws/circulars/instructions, wherein this nature of income has been accepted as INCOME FROM BUSINESS.
Can someone provide me some case laws/circulars/instructions, wherein this nature of income has been accepted as INCOME FROM BUSINESS.
18 October 2010
It is Business Income.. And the same is covered under code 0808 of Financial Service Sector as " Share broker or Sub Broker ". Whether u r client is Company ???
18 October 2010
also your activity is not covered under definition of profession as given under section 194-J & section 44AA
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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- LIABILITY ADJUSTMENT
- Average Cost Of High Quality Diamonds
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
