Tax Audit Under section 44AB
This query is : Resolved
16 December 2010
A travel agent gets a commission of Rs 12 lacs in a year on air tickets issued on behalf of various airlines. The value of tickets issued by him during the year on behalf of the airlines is more than Rs 1 crore.He collects the full ticket fare from the customers and remit to the respective airline after deducting his commission and shows only the commission in the profit and loss account.
Is he liable to get his accounts audited under section 44 AB?
Is there any clarification by the Income Tax Department or any Case laws in this regard?
Is he liable to get his accounts audited under section 44 AB?
Is there any clarification by the Income Tax Department or any Case laws in this regard?
16 December 2010
duplication
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