Tax audit

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mahendra kewlani (Querist)
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01 September 2014 One of my friend has a business of sale and purchase of Stamps and notary also. He has a turnover of 3 crore's, his commission on sale is 1 to 2 percent. My question to you is, is he liable to tax audit...? from last 3 years he has a turnover exceeding 1 crore and he had not went for any tax audit, is their any risk of scrutiny...?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 September 2014 tax audit is mandzatory in this case..............

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mahendra kewlani

mahendra kewlani (Querist)
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01 September 2014 He doesn't want any Tax Audit, is their any other solution to that...?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 September 2014 the ans is no as its compulsory by law u/s 44AB.

mahendra kewlani

mahendra kewlani (Querist)
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03 September 2014 Dear Tushar,

my friend told me that he gets 100 Rs stamp at 98 RS from the government 2 Rs is the commission amount.All the payment made to the goverment are in cash and he sells the stamp in cash only.Govt has not deducted any TDS. Was govt liable to deduct TDS on commission..?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 September 2014 govt not liable to deduct tds in this case as its case of pruchase n sell

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