06 August 2012
In case of partnership Firm engaged in Trading ,Manufacturing & Job works related to Ferrous & Non-ferrous Metals, how to be considered the Commission Income i.e. whether Direct Income or Indirect Income with a view to compute GP/NP Ratio so far Tax audit is concerned under I.T.Act while reporting in Form 3CD.
06 August 2012
Since it is not the main course of business of the assessee, do not waste your valuable time in deciding whether it is direct or indirect, irregular or exceptional, extra ordinary or otherwise..... Think in the perspective of Assessing Officer...... write a note that you have considered the commission income as XXXXXXX and accordingly the ratio is worked out. Make it simple.
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