04 October 2010
Can anybody suggest me how to calculate income of a mother dairy concessionaires (booth operator) because there is no tds liability on mother dairy to deduct from income shown as discount on ivoices raised to booth operators.
If any body have a format please send me...
or i just show sale & purchase according to invoices of mother dairy because not a single asset belongs to booth operator.
Under which head the income should be shown "Other source/PGBP"
What to do about the stock of amterials as on 31st March.
06 October 2010
TRHANKS DEAR, BUT I WANT THE FOLLOWING CLARIFICATIONS BASED ON BELOW SAMPLE SALE BILL ISSUED BY MOTHER DIARY LTD. SAMPLE BILL DETAILS Particulars Amount SALE 100.00 VAT @ 12.5% 12.50 TOTAL 112.50 Less:- Discount 10.00 NET AMOUNT PAYABLE 102.50
SO MY QUESTIONS ARE:- 1) WHETHER THE ABOVE SAID Rs. 10 SHALL BE SHOWN UNDER PGBP OR IOS. 2)WHETHER ALL SALE PURCHASE RECORDS ARE REQUIRED TO BE MAINTAINED OR NOT. 3) WHAT TO DO WITH VALUE OF STOCK LYING AS ON 31st March.
[NOTE:- I HAVE A CASE LAW COPY (ITO Vs MOTHER DAIRY LTD.) ACCORDING TO WHICH ABOVE MENTIONED RS. 10 SHALL NOT BE CONSIDERED AS COMMISSION PAID TO CONCESSIONARIES. HENCE, THERE IS NO TDS LIABILITY ON MOTHER DAIRY. IT IS ALSO ARGUED THAT THERE IS NO PRINCIPAL & AGENT RELATIONSHIP BETWEEN MOTHER DAIRY & CONCESSIONARIES]
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