Meaning of Turnover in case of goods Transport Agent for Tax Audit
This query is : Resolved
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/-
13 June 2023
Without the bill to company X ltd., on what bases the company makes payment to the agent?
13 June 2023
In that case take the value as Rs. 10,000/-
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....................................................
- Supply through E-commerce Operators
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Specified Profession
- 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
