Regarding tax audit
This query is : Resolved
19 June 2017
Mr A distributor purchase sim & recharge from idea company and sale in retail
.Total deposit in bank 98 lacks fy 16-17
. Commission from idea company 5.7 lacks
by selling sim & recharge
my question is prefer to tax audit taking 98 lacks as a turnover
or file itr only taking Commission by less business expenses
he did not want to show income 8%
thanks
19 June 2017
only the commission forms part of your gross income. Anyway he cannot claim 8% presumptive profit by virtue of ineligibility for commission based businesses.
19 June 2017
for commission you can not opt for presumptive taxation
20 June 2017
thanks sir
20 June 2017
but sir in bank turnover is Rs. 98 lacks regarding this sale purcahse of sim
you mean i left bank turnover.
income tax dept will not question about this turnover
plz clarfiy
20 June 2017
depends on the documentation. If you are working on commission, then gross value of recharge should not show up as your revenue as such.
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