Applicability of Tax audit - 44AB
This query is : Resolved
Querist : Anonymous
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.
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.
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
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
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....
so if gross receipts from customer is above 40L than have to do tax audit....
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