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Brokerage income head

ITR Filing 2251 views 8 replies

Rishita Motwani

senior associate

264 Points Posted on 06 July 2015

If brokerage income is earned by a sub broker from trading of shares
such income should be taxed to the sub broker under which head

business income or income from other sources ?

his main income is income from salary

and no business income

and many other other sources income

income from teaching at college and classes, interest, dividend etc

Replies (8)

vishak

accounts

488 Points Posted on 06 July 2015

I think it is income from other source

Rajesh Kumar Gupta

Senior Divisional Manager

714 Points Posted on 06 July 2015

Business income as sub broker's main profession is business only.

Kannan M

Consultant

85 Points Posted on 06 July 2015

Agree with Rajeshwari Kumar.

mitul

proprietor

32 Points Posted on 06 July 2015

Business income as his main source of is brokerage.if his main business is other than sub broker and income is more in other business.then he can treat it as other income

Jaspal Singh

Practising CA

449 Points Posted on 06 July 2015

Business Income..

n k abhiram

CA Final CS Final

629 Points Posted on 06 July 2015

Its business income . Mr kanan its Rajesh Kumar & not Rajeshwari kumar

Ajay K

Accounts/Finance & CA Final Student

200 Points Posted on 06 July 2015

It's Business Income

Sub broking is part of business activity for which he is employed so it comes under business income cases n nt other sources as activity of sub broking is not a extra activities from which he is getting his income