22 October 2016
A person carrying business on freight difference or commission basis books a road transport vehicle or good carrier on hire for Rs.100 i.e purchase and charges freight charges to consignee of Rs.105. Purchase freight charges are paid in cash and received in bank instruments only.Considering the above if such individual is in receipt of 1crore or more in aggregate for FY 2015-16 in banking transactions would he be liable to audit.Also the individual intends to treat the difference as commission income.Please explain freight difference Vs commission income with reference to above. consignee remains the same in 80% cases.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
22 October 2016
Please help and thanks in advance.