Meaning of Turnover in case of goods Transport Agent for Tax Audit
This query is : Resolved
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13 June 2023
Dear please guide me to understand the meaning of turnover.
Our client is a goods transport agent business.
The client acts as an agent but he receives the amount from the company and from that he pays the truck owner and keeps his commission in his hands(Bank).
(Eg. My client received Rs. 10000/- from X Ltd and out of it he pays Rs. 9000/- to Mr. A (Truck Owner) and keeps Rs. 1000/- as commission.) also note that he has not issued any bill to X Ltd.
My question is what amount should be considered as turover while calculating its turnover?
Rs. 10000/-
Or
Rs. 1000/-
Our client is a goods transport agent business.
The client acts as an agent but he receives the amount from the company and from that he pays the truck owner and keeps his commission in his hands(Bank).
(Eg. My client received Rs. 10000/- from X Ltd and out of it he pays Rs. 9000/- to Mr. A (Truck Owner) and keeps Rs. 1000/- as commission.) also note that he has not issued any bill to X Ltd.
My question is what amount should be considered as turover while calculating its turnover?
Rs. 10000/-
Or
Rs. 1000/-
Dhirajlal Rambhia
(Expert)
13 June 2023
Without the bill to company X ltd., on what bases the company makes payment to the agent?
Dhirajlal Rambhia
(Expert)
13 June 2023
In that case take the value as Rs. 10,000/-
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