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Applicability of Tax audit - 44AB

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 July 2010 Hi,

In my case, client purchase air tickets from outside vendor and sell the same with margin to its customers.

In verifying applicability of provisions of section 44AB, whether we need to consider the difference margin as gross receipts or entire amount realized as turnover?

Is there any exclusion from Rs.40L limit turnover for ticket booked?

Kindly help me in this regard.
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CA.JAYAKUMAR.J

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CA.JAYAKUMAR.J (Expert)
23 July 2010 hi

you have to consider the gross reciepts only

as far as my knowledge, based on the nature of the transaction there is no exclusion because profit is made and its purely commercial transaction
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CA Shiv

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CA Shiv (Expert)
23 July 2010 yes gross receipt is considered as it is trading in nature.....
so if gross receipts from customer is above 40L than have to do tax audit....
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