STAMP VENDOR INCOME

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Javed Memon (Querist)
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22 December 2022 Respected Sir,
Stamp Vendor Purchase a stamp of rs. 80 Lakh and sale the same . He Received Commission for that Subject to tds

My question is this transaction Show in Income Tax as purchase and sales or only Commission income ?

If We Considered as Purchase and sales then GST Registration is Required ??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 December 2022 Show only comission income.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 December 2022 To book as purchase and sale.
Inference -1) Ahmedabad Stamp Vendors Association v. Union of India (2012) 348 ITR 378(Guj). Supreme court also affirmed this.
2) Kerala stamp vendors Association Vs. O/o Accountant General (2006) 282 ITR 7 (Ker).
3) https://www.caclubindia.com/experts/stamp-vendor-920030.asp

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Javed Memon

Javed Memon (Querist)
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23 December 2022 Stamp Vendor Paid 80Lakh Rs. For Stamp and He Received Stamp of rs . 80 lakhs and Later on Commission 85000 Rs. Credited in His account after deduction of TDS u/s 194H, So in this Case Can we Show as Commisssion only ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 December 2022 Yes, in this case show commission only as TDS u/s 194H deducted.

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Javed Memon

Javed Memon (Querist)
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23 December 2022 Thanks a lot Bhaskaran Chackrapani Warrier and CA R SEETHARAMAN Sir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 December 2022 You are welcome......

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