IS TDS CLAUSE APPLICABLE ??
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 August 2010
I am doing business of trading securities in stock mark et. Cash Sagment as well as Future and Option. I have done yearly volume of 2 Crore in both.
Now my case is under Scrutiny, According to ITO, I have to get my audited and TDS on Brokerage paid to Stock Broker is deductible. Kindly Advice. Thanks
Now my case is under Scrutiny, According to ITO, I have to get my audited and TDS on Brokerage paid to Stock Broker is deductible. Kindly Advice. Thanks
27 August 2010
Yes, As you said that you are doing the business of trading in cash segment & futures. So that means income from trading is taxable as business income. you need to your accounts audited as per sec 44AB, as your total trunover exceeds 40L.
When the provisons of section 44AB is applicable then provisions of TDS are also application.
So accordingly you must deduct the tds on brokerage paid to stock broker.
When the provisons of section 44AB is applicable then provisions of TDS are also application.
So accordingly you must deduct the tds on brokerage paid to stock broker.
27 August 2010
In derivative contract where delivery is not made turnover is Profit+loss on transaction should cross 60L now for last Year 40L.
For delivery It will Sale trunover.
For delivery It will Sale trunover.
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
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- Foreign inward in ITR
- Accounting with Claude
- 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
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
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
