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.

Follow Query

Report Abuse

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.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries

Harrasement and metal agony from husband
Applicability of po act
Nps to old pension scheme
Suit filed by heirs claiming ancestral property
Hindu succession query
Application for final decree after preliminary decree
Application for final decree after preliminary decree
Application for final decree after preliminary decree
Claiming ownership of the motor vehicle of a deceased person
Company name struck off by the registrar of companies

Consumer / contract dispute
Regular matters
Request for second opinion in bar council proceedings
Reinforcing rule-based adjudication in proceedings
Awaiting the shrewd advocate's answer.
Pl. check for legal accuracy
Legal notice used for harrasment
Is advocate guilty?
Advocate�s duty to justice apply to the pre-litigation ?
Legal opinion on baseless legal notice and law