INCOME FROM SHARES

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CA PRANESH AGRAWAL (Querist)
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10 March 2008 Respected Collegues,

I )
I have query in case of assessee not being a sub broker/agent any kind is as follows:
What will be the respected taxable head( Business income/Cap.gain)under these circumstances:

1) Income from daily share trading.
2) Income from shares on delivery base
3) Will he be liable for Tax Audit u/s 44AB if he crosses 40 lac turnover in case of daily trading?
4) Will he be liable for Tax Audit u/s 44AB if he crosses 40 lac turnover in case of delivery base share transactions?

II)
Please Reply all 4 answers if assessee is a sub broker.

Thanks in advance
CA Pranesh Agrawal

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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10 March 2008 1)
1. UNDER THE HEAD BUISNESS
2.INCOME UNDER THE HEAD CAPITAL GAIN
3. NO HE IS NOT LIABLE FOR TAX AUDIT U/S 44AB
4.NO HE IS NOT LIABLE FOR TAX AUDIT U/S 44AB

CA PRANESH AGRAWAL

CA PRANESH AGRAWAL (Querist)
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10 March 2008 Dear Saurabh Bhai,

Please also reply for the same in case, if the assessee is a sub broker

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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11 March 2008 1)
1.UNDER THE HEAD PGBP
2.UNDER THE HEAD PGBP
3.NO
4.NO

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