I have a query of whether it is auditable u/s 44AB or not.
In one of the case, a party is selling Fruits on commission basis, in which purchasing from many parties & selling onbehalf of them on commission basis. But that party is receiveing cheque sometime from retail sale also in his name & then he just issue in the name of creditor( from whom he is purchaseing), after deducting his commission from that amt. && The Purchase bill clearly shows the amt of commssion of that party.
& books clearly shows same amt of commission's purchase = Commission Sales .
Sir, please kindly, help me out with proper explanation, is it liable to Audit or not in case where after adding commission's sales its may goes more than 5 crores. orelse just 10 to 12 lacs.
12 November 2010
as per my opinion, whatever his income by way of commission & if bill/cheque recd in the name this party...... he will eligible for audit if his total turnover of sales or gross receipts more than 60 lacs & in case of prof fees if its more than 15lac
CAclubindia
