Tax Audit turnover in case of Currency Exchange Business

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Himanshu Agarwal (Querist)
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28 November 2020 Dear All,
I am receiving the commission for receiving the payment for Currency Exchange.
The mechanism works like I received the money in bank account from agencies like Western Union etc and then through cash distribute the money to the customer.

for tax audit purpose how is the turnover should be calculated?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 November 2020 Total commission received will be your turnover for tax audit.

Himanshu Agarwal

Himanshu Agarwal (Querist)
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28 November 2020 What about the large sum amount received in the bank Account, is there any issue because commission amount is very minute in comparison to huge transaction credited in bank Account

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 November 2020 Not a problem. Bank credits can be explained when quried.

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