04 April 2008
one of the our client is engaged in activity of share trading, only source of his earning. should it be treated as income from business profession or anything else? How the income will be treated, pl. make note that our client is senior citizen.
04 April 2008
IT DOES NOT MAKE ANY DIFFERENCE WHETHER THE PERSON IS SENIOR CITIZEN OR NOT.IF HE REGULARLY TRADES IN SHARES AND ALSO DO INTRA DAY TRADING INSTEAD OF INVESTMENT THAN THE PROFIT WILL BE TREATED AS BUSINESS INCOME
05 April 2008
IT IS BUSINESS INCOME UNDER THE HEAD SPECULATIVE BUSINESS. BUT DERIVATIVES TRADING IS NOT CONSIDERED AS SPECULATIVE UNDER CLAUSE (d)OF SUB SEC 5 OF SEC.43 . THE MOTIVE OF INVESTMENT OR SHORT TERM TRADING ,FREQUENCY OF TRADING ARE ALL DETERMINING FACTORS BY THE ASSESSING OFFICER. R.V.RAO
CAclubindia
