Calculation of Turnover

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For Income Tax purposes, the turnover for a mobile recharge agent is the commission earned, not the total balance received. If an agent pays Rs.1000 and receives Rs.1050 in balance, the taxable income or turnover is the Rs.50 commission.

SANKALP

SANKALP (Querist)
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04 May 2020 The Mobile Recharge agent pays Rs.1000 and get balance of Rs.1050.
What will be the turnover for Income Tax Return :
1. Rs 1050 or
2. Commission Rs.50 (1050-1000)

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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04 May 2020 Income Tax only needs to be given on one's Income and deduct all eligible expenses. Here in your case. Income Tax Return will show a Income of Rs. 50.