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Tax audit u/s 44ab on transactions through pms

This query is : Resolved 
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(Querist)
26 July 2012 Dear All,

An individual has invested a certain sum with a Portfolio Management Service. The profit from share transactions carried out by the portfolio management service (on behalf of the individual)is being offered under the head “business income” as the transactions are mainly in nature of trading in shares.

I would like to know whether tax audit u/s 44AB of the Income Tax Act would be applicable to the individual (assessee) as the turnover of share transactions (carried out by the PMS on behalf of the individual) exceeds Rs. 2 crores? Are there any case laws in this matter?

Thanks & Regards
Niki
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Amol S Joglekar

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Amol S Joglekar (Expert)
26 July 2012 Who is carrying portfolio management service? And query is of individual carrying PMS?
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