Commision income
This query is : Resolved
04 January 2014
Automobile Industry:
It purchases a vehicle and sells it to a customer and earns commission income. No name of this party in between in any of the bill. What is the accounting to be done for such a commission.
It purchases a vehicle and sells it to a customer and earns commission income. No name of this party in between in any of the bill. What is the accounting to be done for such a commission.
04 January 2014
Pass entry for commision earned.
Cash/ Bank a/c..dr
To commsion earned a/c
Cash/ Bank a/c..dr
To commsion earned a/c
05 January 2014
I know the accounting entry. I want to know whether it is covered under business auxilliary service or not??? The commission earned at present does not exceed 9 lacs . So is my approach and taxable service correct or not?? My opinion is to register for service tax if commission income exceeds 9 lacs..
06 January 2014
if it does not exceed rs 9 lakhs then no need to register when it exceeds u can register as commision agent.
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06 January 2014
Commission agent is covered in business auxilliary service. And thanks for replying to the query.
06 January 2014
you are welcome akash thobhani.
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