Tax audit
This query is : Resolved
27 July 2013
Mr A is a commission dealer in second hand car. He gets cheque in his name from his customer & pays from his account to the original car owner i.e He received Rs 3 lakhs from his customer & pays Rs 2.50 lakhs to original owner & remaining is his commission. In FY 2012-13 his bank statement shows total receipts of Rs 4 Crore & payments of Rs 3.90 crore. Is he liable for tax audit? Does he required to get himself register under VAT?
27 July 2013
As far as income tax is concern, he has to get his accounts audited.
In case of VAT, he does not get registered under VAT if the vehicle is directly transferred to purchaser without transferring in his name.
In case of VAT, he does not get registered under VAT if the vehicle is directly transferred to purchaser without transferring in his name.
27 July 2013
& how should i show it? Is it ok if i show like total payments = total receipts & excess of receipts over payment as commission under indirect income
27 July 2013
under direct income
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Free lancer income
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
