IT on commission agent for sale of agricultural produce

This query is : Resolved

CA VENKATASWAMY (Querist)
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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)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

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