IT on commission agent for sale of agricultural produce
This query is : Resolved
CA VENKATASWAMY
(Querist)
13 October 2020
Hi all,
One of the client doing Commission agent business of only agricultural produce (i.e buying agriculture produce from formers selling to wholesalers just acts as intermediary )
now his total sale value is exceeded 2cr how this applicability in case of Income Tax ?
Tax Audit applicability ?
Is there any Exemption to this Business ?
if only commission is chargeable to tax then under which head it is taxable ?( i.e PGBP or Income from other sources)
One of the client doing Commission agent business of only agricultural produce (i.e buying agriculture produce from formers selling to wholesalers just acts as intermediary )
now his total sale value is exceeded 2cr how this applicability in case of Income Tax ?
Tax Audit applicability ?
Is there any Exemption to this Business ?
if only commission is chargeable to tax then under which head it is taxable ?( i.e PGBP or Income from other sources)
CA R SEETHARAMAN
(Expert)
13 October 2020
Tax audit applicable in this case. Tax payable on profit earned.
In case of commission income it will be considered as business income.
In case of commission income it will be considered as business income.
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