If a person is making profit/loss from frequent buy/sale of Mutual Funds, can this income be treated as business income & added to income from other Proprietory firms owned by the person?
In such a case what tax rates are applicable?
When does corporate tax rates (30%) come into picture? Are Proprietory & Partnership firms outside the limits of Corporate Tax?
Patnerships are directly taxed at 30%.This is not so in the case of Propietorship firms. For mutual fund query i too wanna know that???
Saini Pati Shah & Co LLP, Chartered Accountants
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