06 February 2014
One Pvt Ltd company engaged in the business of Travel Agency gets around 2%-3% commission on ticket bookings. But they does not maintain books regarding portion of commission in each transaction. Can they show net profit around 2%-3% of total turnover on aggregate basis for income tax purpose.
06 February 2014
Rohit ji the maintenance of books are must under company law. The filing of balance sheet and P&L Statement with ROC/MCA is also compulsory, so don't try to show any other figure for income tax purpose.
CAclubindia
