TAX AUDIT
This query is : Resolved
06 January 2011
PLZ GUIDE ME IN FOLLOWING ISSUE.
ASSESSEE COMPANY IS PVT LTD COMPANY ENGAGED IN BUSINESS OF TELECOMMUNICATIONS.
MEANS IT PURCHASES THE RECHARGE BALANCE FROM VARIOUS COMPANIES i.e. RELIANCE, ARTEL, BSNL, IDEA ETC. AND SALE IT TO RETAILORS. AND RETAILORS SELL DIRECTLY TO CUSTOMER. ASEESSEE COMPANY GETS A COMMISSION OF 1% ON ITS SALES FROM ABOVE COMPANIES.
ON WHICH AMOUNT THE COMPANY IS LIABLE FOR TAX AUDIT. RECHARGE BALALNCE SALE EXCEEDS RS 60 LACS OR COMMISSION EXCEEDS RS 60 LACS?
ASSESSEE COMPANY IS PVT LTD COMPANY ENGAGED IN BUSINESS OF TELECOMMUNICATIONS.
MEANS IT PURCHASES THE RECHARGE BALANCE FROM VARIOUS COMPANIES i.e. RELIANCE, ARTEL, BSNL, IDEA ETC. AND SALE IT TO RETAILORS. AND RETAILORS SELL DIRECTLY TO CUSTOMER. ASEESSEE COMPANY GETS A COMMISSION OF 1% ON ITS SALES FROM ABOVE COMPANIES.
ON WHICH AMOUNT THE COMPANY IS LIABLE FOR TAX AUDIT. RECHARGE BALALNCE SALE EXCEEDS RS 60 LACS OR COMMISSION EXCEEDS RS 60 LACS?
09 January 2011
Audit is based on turover as per the books of account. ( value of recharge voucher)
09 January 2011
agreed with expert... audit limit is based on the turnover of the assessee, it is not based on the taxable 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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
