Turnover u/s 44 ab for bike sellers
This query is : Resolved
25 October 2016
Firm collecting money on behalf of his bike customers and paying to the bike supplier without any sales or purchase bills respectively and only collecting money on behalf of his principal .. no vat tax etc collected or paid and directly transfer and bills to his customer .. which amount is to be taken for turnover .. whether the difference between money collected and paid or to be shown as direct sale or purchases in his books ... and penalty u/s 271 B applicability on which amount .. whether gross receipt of amount or the difference ?
25 October 2016
The amount of difference will be your commission and considered as your turnover as sale and purchase bills are not in your name. 271 B also applicable only on commission amount.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
