Form-F Query

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CA - Audit & Assurance
66 Points Joined April 2008

Situation:

 Consignor from Ahmedabad ships good worth Rs. 1 Lac to his agent in Mumbai against Form-F. The agent sells the goods locally in Mumbai for Rs.1.5 Lacs, deducts 10% of his commission (Rs.15,000) and remits balance Rs. 1.35 Lacs to the consignor.

Question:

What is the amount for which the agent in Mumbai will be issued Form-F, Rs.1 Lac, Rs.1.5 Lacs or Rs. 1.35 Lacs?

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On 06 March 2009 at 09:46 Report
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Nagari Sultanpur U.P.Delhi
15158 Points Joined March 2007

F form will be issued on Rs. 1 Lac only.

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On 06 March 2009 at 10:13
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Service
345 Points Joined March 2009

F forms always issue on the basis of goods transerred value not on sales value. So, 'F' Form will be issued for Rs. 1 lac.

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On 06 March 2009 at 11:35
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Chartered Accountant
1025 Points Joined January 2009
Hi Moiz Form 'F' Will be issued for Rs.1Lac only.
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On 07 March 2009 at 10:47
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ACCOUNTANT
2644 Points Joined December 2008

For 1 lacs only

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On 07 March 2009 at 16:07


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