How do we file itr in case of commission agents (aardhti)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 October 2016
Dear Experts ,
I am a commission agent for apple distribution. I purchase all apples through cash & sale through deposit in my bank. I earn only commission from them..
what i have heard is in case of commission agents only commission earned is reported in income tax. Someone told me to show gross purchase and sale in ITR since all entries are thru bank. If a repost gross sale it would cross 2 crores and i will be liable for tax audit..
thanks in advance
I am a commission agent for apple distribution. I purchase all apples through cash & sale through deposit in my bank. I earn only commission from them..
what i have heard is in case of commission agents only commission earned is reported in income tax. Someone told me to show gross purchase and sale in ITR since all entries are thru bank. If a repost gross sale it would cross 2 crores and i will be liable for tax audit..
thanks in advance
04 October 2016
In case of commission agents there will not be any purchase and sale will be on behalf of the principal. In your case you have purchased and sold the apples so tax audit applicable. Go for tax audit, tax audit is simple and not expensive.
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