Recognition of income

This query is : Resolved

shailesh (Querist)
Follow

04 August 2015 Business - Travel Agency
What should be considered as turnover?
Whether the commission received on which party have deducted the TDS or the Tickets Sold for the Tax Audit purpose.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

04 August 2015 It is always a tricky situation.

For TDS done by the payers, you can simply assume the accordingly as per the section under which the TDS is done.

For those tickets, where the assessee has received the money from the client and in due course paid to IATA member (Travel company), the turnover is the amount of tickets.

Message likes : 1 times

shailesh

shailesh (Querist)
Follow

04 August 2015 what will be the turnover, will it be commission received or value of tickets sold

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

04 August 2015 In either case it is BUSINESS, no any question of PROFESSION.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Pavithra Doss

Phani

Mohit Kumar

Santosh Behera

CA Uzma Khan

Subscribe Now

Recognition of income

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA