Comment on Account Opening Process - Corporate,Partnership Firm, & HUF

SL commented on 23 Aug 2016, 12:32 AM

Hi guys, Have been using a Zerodha individual trader account for the last couple of years, and very very happy with the overall service, in spite of the odd hiccups now and then.

So much so, that I have recently become a trader full time, basically make my regular income from trading (plus investment income which is separate). I have filed my short term equity and equity derivatives trading returns as business income in my personal income tax (ITR 4S) last year.

I have a strange question I am afraid, so please bear with me here – how do I prove that trading is my “business” to a third party ?

For example, I was applying for a tourist visa recently to another country, and it became difficult to prove to the consulate what I do for a living, which is trading. They asked for salary slips and employment letters which I obviously did not have, or else for business registration proof which I also did not have, again obviously.

I suppose I could treat my “trading” business as a proprietorship for example (can I really ?), as some of the posters here have indicated, but that seems like an unnecessary complication when I can do the same trading as an individual. I know I should be asking these questions to a CA, but my CA is also not very clear what I do !

Any advise or pointers you guys could give would be much appreciated. Thanks in advance.

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