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Income for goods transport agency
what amount is to be taken while preparing income tax return. whether to take full receipt amount as gross receipt or directly take difference of freight recived and paid i.e commission amount?
Replies (4)
while preparing profit and loss account you should take full receipt as gross amount in credit side and debited commission paid in p&l a/c
so that net effect will Aries as your income
and this income can be taken directly while preparing ITR
commission paid is allowable exp. u/s 37(1) as general exp. incurred wholly and exclusively for the purpose of business or profession
so that net effect will Aries as your income
and this income can be taken directly while preparing ITR
commission paid is allowable exp. u/s 37(1) as general exp. incurred wholly and exclusively for the purpose of business or profession
so for the purpose of calculating turn over also i need to calculate that amount.?
further if take that into consideration i have fear that the case will select for scrutiny purpose becase it has huge turn over but low profit margin.
your fear is reasonable but you can not take turnover as a net commission
if you take it as a turnover and if your file is selected for scrutiny than it may Aries problems and AO may take action against you as conceal income
but if you do correct treatment and your file is selected for scrutiny than you can satisfy to AO by showing proper documents. and AO will complete the assessment.
if you take it as a turnover and if your file is selected for scrutiny than it may Aries problems and AO may take action against you as conceal income
but if you do correct treatment and your file is selected for scrutiny than you can satisfy to AO by showing proper documents. and AO will complete the assessment.
Sir, If an individual owns 5 Goods Carrages having 4 wheeled Vehicles, can he opt for presumptive bases Income Tax filing under section 44AE? And what will be the business code in the itr?
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