Brokerage: Professiion Income or Business income

Parth (Querist) 12 January 2011 This query is : Resolved
Brokerage received by Share Broker is consider as income as Profession or Business Income!!???

If his Brokerage Income is rs. 45Lacs then he is liable for Tax Audit u/s 44AB.

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A V Vishal (Expert) 12 January 2011
It is business income. Yes if the business income exceeds 40 lacs (upto F Y 2009-10), he is liable for tax audit

Advocate. Arunagiri (Expert) 13 January 2011
Yes it is a business income.

H.M.Patnaik (Expert) 14 January 2011
Correctly answered.

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