tax audit

This query is : Resolved

satish kumar Chauhan (Querist)
Follow

06 June 2011 pl. clear that the gross receipt Rs. 60.00 lac amount of commission received during the year or sale proceeds of consignment sale,in the case of aharti(vegatable and fruits)

thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

07 June 2011 The view of ICAI is as follows:-
1) If the commission agent debits / credits the commission purchases / commission sales in his/ her books of accounts with a price for the goods, then the recorded sales price forms turn over for the purpose of section 44AB.
2) If commission only is booked in the agents books of account with a view that property in the goods does not pass to the commission agent, then the commission so booked should be treated as turnover for the purpose of 44AB.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now