Audit Under Income Tax
This query is : Resolved
Jayesh S Bhoir
(Querist)
27 December 2016
Assessee run business of lottery franchisee. turnovers archive by assessee is more than 1cror. But turnover belongs Franchisor and assessee get only commission of 2.5% of turnover archive.
Shall assessee need to audit books of accounts under INCOME TAX ACT
28 December 2016
No. There is no need for the audit under Income Tax since from the point of view of the assessee, only commission income will be considered for turnover purposes to assess the Income Tax Audit.
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