A person earning income from brokerage from mutual Funds wants to declare his income under presumptive scheme. Can he do it? Section 58 of 2025 Act does not specify such business as not eligible for declaring income under that section. Is there any other overriding provision that makes such business ineligible to avail advantage of the scheme?
Mutual fund brokerage income is not eligible for presumptive taxation u/s 58 of the Income-tax Act, 2025. There is no need to look for any separate overriding provision, because section 58 itself excludes such cases. As per section 58(11)(a), an eligible assessee should not earn income in the nature of commission or brokerage and should not carry on agency business. Therefore, a person whose business income is from mutual fund brokerage cannot declare income under section 58.
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