banner_ad

BUsiness income or Professional income

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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.
Profile Image

Abhay Gujarathi

Profile Image

Abhay Gujarathi (Expert)
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 ???
Profile Image

CA Sanjeev Kr Jain

Profile Image

CA Sanjeev Kr Jain (Expert)
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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details