Principal agent
This query is : Resolved
15 November 2018
The assessee is commission agent of authorised automobile dealers and sell two wheelers from his business premises. and in turn received commission per vehichle sold from authorised dealer.
1) can the assessee received cash from customers ( against sale bill of authorized dealer , since goods sold belong to auth dealers and his is just an agent) deposit this cash in his account and remit it back to auth. dealer. . Each transaction is below 2lakh limit so as per my understanding section 269ST is not attracted. the sale proceeds are some time in cash, or via cheque or credit card or by way of loan from bajaj finance, capital first etc. any other point which u may share .
thanks in advance
1) can the assessee received cash from customers ( against sale bill of authorized dealer , since goods sold belong to auth dealers and his is just an agent) deposit this cash in his account and remit it back to auth. dealer. . Each transaction is below 2lakh limit so as per my understanding section 269ST is not attracted. the sale proceeds are some time in cash, or via cheque or credit card or by way of loan from bajaj finance, capital first etc. any other point which u may share .
thanks in advance
15 November 2018
Yes cash upto 2 lacs can be received 269ST not attracted as per your understanding.
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