Cellular company distributor
This query is : Resolved
31 July 2011
One of my client distributor of idea cellular limited and he get 15,60,000/- commission for the sale of sim cards and currency (talk time Vouchers) and tds deducted on this is 1,51,520/- his turnover cross 60.00lakhs hence it is liable to audited under S.44AB
CA PARAS BAFNA
(Expert)
01 August 2011
You have to show your Gross Receipts of15,60,000/ i.e Commission Income only.
Suppose, I am selling flats for a builder,
and receiving commission @ 2% from him.
By selling flats worth Rs.70.00 lac I get commission of1.40 lac.
Q 1.Whether Rs.70.00 lac is my Turnover or gross receipts?
If it's so then tax audit becomes necessary. But in fact, my Gross Receipts is Rs.1.40 Lacs Only.
Q .2 Whether Rs.70.00 lac is the Turnover or gross receipts of the builder ?
ANS = Yes.
So Tax Audit will not be required in this case, until the commission amount rises beyond60.00 lacs.
Suppose, I am selling flats for a builder,
and receiving commission @ 2% from him.
By selling flats worth Rs.70.00 lac I get commission of1.40 lac.
Q 1.Whether Rs.70.00 lac is my Turnover or gross receipts?
If it's so then tax audit becomes necessary. But in fact, my Gross Receipts is Rs.1.40 Lacs Only.
Q .2 Whether Rs.70.00 lac is the Turnover or gross receipts of the builder ?
ANS = Yes.
So Tax Audit will not be required in this case, until the commission amount rises beyond60.00 lacs.
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01 August 2011
I agree with the expert
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