Income of stamp vendor
This query is : Resolved
01 September 2012
a stamp vendor has a sale of 66 lacs. his income is only 2% of sale. whether he has to audit or simply file a return without audit
01 September 2012
As per Kerala High court decision in Kerala Stamp Vendors Association Vs. AG ,
reported in (2006) 282 ITR 7 ,sale value may be considered as their turnover
since they get 'discount' and not 'commission', meaning thereby ,in the given
case, tax audit applies.
reported in (2006) 282 ITR 7 ,sale value may be considered as their turnover
since they get 'discount' and not 'commission', meaning thereby ,in the given
case, tax audit applies.
Message likes :
2 times
01 September 2012
right view of warrier
Message likes :
2 times
02 September 2012
Thanks Sir,
Deepak
Deepak
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- Taxation on LTCG for property sold after 24JUL2024
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- LTCG for Assmt year 26-27
- Tax liability on income of freelancer
- Plot of land. Cost of Acquisition
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
