Easy Office
LCI Learning

Regarding tax audit

This query is : Resolved 

19 June 2017 Mr A distributor purchase sim & recharge from idea company and sale in retail .Total deposit in bank 98 lacks fy 16-17 . Commission from idea company 5.7 lacks by selling sim & recharge my question is prefer to tax audit taking 98 lacks as a turnover or file itr only taking Commission by less business expenses he did not want to show income 8% thanks

19 June 2017 only the commission forms part of your gross income. Anyway he cannot claim 8% presumptive profit by virtue of ineligibility for commission based businesses.

19 June 2017 for commission you can not opt for presumptive taxation




20 June 2017 thanks sir

20 June 2017 but sir in bank turnover is Rs. 98 lacks regarding this sale purcahse of sim you mean i left bank turnover. income tax dept will not question about this turnover plz clarfiy

20 June 2017 depends on the documentation. If you are working on commission, then gross value of recharge should not show up as your revenue as such.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries