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Whether Tax Audit is applicable?

Tax queries 591 views 1 replies

I would like to know

1) which ITR to be used for a sub-broker who enjoys some limit (not actual cash limit) with Brokerage House for day-to-day trading in shares?

 

2) Whether such person is liable for tax audit? If yes, then what can be considered his turnover for IT section 44AB?

Replies (1)
Originally posted by : Suraj


I would like to know

1) which ITR to be used for a sub-broker who enjoys some limit (not actual cash limit) with Brokerage House for day-to-day trading in shares?

 

- a sub broker is entitled to offer services to clients on behalf of principal, so the services are purely commission, not the trading. 

 

2) Whether such person is liable for tax audit? If yes, then what can be considered his turnover for IT section 44AB?

- Commission is not a trading income/ turnover.

 


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