44ab
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 November 2013
IF A TRAVEL AGENT SELLS TICKET OF BUS,
LET SAY TICEKT IS OF RS 1000 INCLUSIVE OF HIS COMMISSION.AND HIS COMMISSION IS RS 200.
AND THE TURNOVER IS RS 1000*10000 I.E RS 1 CRORE. THEN I WANT TO KNOW WILL IT FALL U/S 44AB.
LET SAY TICEKT IS OF RS 1000 INCLUSIVE OF HIS COMMISSION.AND HIS COMMISSION IS RS 200.
AND THE TURNOVER IS RS 1000*10000 I.E RS 1 CRORE. THEN I WANT TO KNOW WILL IT FALL U/S 44AB.
SANTOSH SAGAR K
(Expert)
19 November 2013
In case of an agency business, the turnover shall include only the amount of commission received under the agency business.
hence, in your case the turnover shall be only Rs. 200*10,000 = Rs. 20 lakhs.
As the same is less than the threshold limit of Rs. 1 crore, tax audit is not applicable u/s 44AB.
hence, in your case the turnover shall be only Rs. 200*10,000 = Rs. 20 lakhs.
As the same is less than the threshold limit of Rs. 1 crore, tax audit is not applicable u/s 44AB.
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