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)
Vivek Raju P
(Expert)
09 January 2011
agreed with expert... audit limit is based on the turnover of the assessee, it is not based on the taxable income.
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