Consignment accounting
This query is : Resolved
17 August 2015
if an assessee carried out consignment purchase and consignment sale then whether consignment sale and purchase will be count in the limit of turnover for the purpose of income tax . what will be the treatment of such sale and purchase as per state vat law.
In simple words my question is whether consignment sale and purchase will be count for the purpose of sale tax and income tax . how such sale and purchase will be shown in the books of account of Consignee. Pls reply as soon as possible.
In simple words my question is whether consignment sale and purchase will be count for the purpose of sale tax and income tax . how such sale and purchase will be shown in the books of account of Consignee. Pls reply as soon as possible.
Amol S Joglekar
(Expert)
17 August 2015
Consignee is entitled for its commission. That will be shown as income under income tax.
The goods sold by consignee are shown by the Consignor in its VAT as well as Income tax return.
The goods sold by consignee are shown by the Consignor in its VAT as well as Income tax return.
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