Recognition of income
This query is : Resolved
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.
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
(Expert)
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.
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 :
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04 August 2015
what will be the turnover, will it be commission received or value of tickets sold
Amol S Joglekar
(Expert)
04 August 2015
In either case it is BUSINESS, no any question of PROFESSION.
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