Turnover u/s 44 ab for bike sellers
This query is : Resolved
PRASHANT WAKHARIYA
(Querist)
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 ?
CA R SEETHARAMAN
(Expert)
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.
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