brokerage earned on a sharing basis by a subbroker/ owner of a franchisee of a nse broker

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  1. dear sir , i want to know which provision of IT act applies to the income by way of brokerage earned by a sub-broker or owner of a franchisee of a nse broker as these are not covered under section 194H as per section 2( h) securities ( contracts) Regulations Act 1956 which clearly defines securites being dealt in stock exchanges. Also which ITR form should I use to file.


  2. ZED

    ZED Well-Known Member

    44AD can not be used. Use ITR-4.

    S.44AD(6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—

    (i) a person carrying on profession as referred to in sub-section (1) of section 44AA;

    (ii) a person earning income in the nature of commission or brokerage; or

    (iii) a person carrying on any agency business.
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