INCOME TAX
This query is : Resolved
Rajesh Gowda Sankesha
(Querist)
19 September 2019
Dear sir/Madam
A Airtel Currency distributor having turnover 95 lakh, and received 1.4% commission on that turnover from Airtel for the FY 2018.19. But we are confused, whether we have to consider turnover or only commission received for income tax purpose?
A Airtel Currency distributor having turnover 95 lakh, and received 1.4% commission on that turnover from Airtel for the FY 2018.19. But we are confused, whether we have to consider turnover or only commission received for income tax purpose?
Gokul Sharma
(Expert)
19 September 2019
your commission will form part of your turnover not receipt.
Rajesh Gowda Sankesha
(Querist)
21 September 2019
Thank you sir.
One more query on that,
1. The Airtel issuing invoices to the recharge distributors, and Recharge distributors filing GST in the name of themselves declaring recharge sales as turnover. So as per GST this is the turnover for distributors. So how can we take that for income tax sir? Because while filing income tax, we have to put turnover as per GST.
One more query on that,
1. The Airtel issuing invoices to the recharge distributors, and Recharge distributors filing GST in the name of themselves declaring recharge sales as turnover. So as per GST this is the turnover for distributors. So how can we take that for income tax sir? Because while filing income tax, we have to put turnover as per GST.
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