Tax Audit turnover in case of Currency Exchange Business
This query is : Resolved
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?
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?
28 November 2020
Total commission received will be your turnover for tax audit.
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
29 November 2020
Not a problem. Bank credits can be explained when quried.
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