My cousin is having business of telecom service means he purchased flexi recharge coupon from idea and sell them to retailers and earn a commission on sales around 5.5lakhs and turnover made is Rs. 1.5 cr whether tax audit applicable or not please suggest as last date is near please help on the matter.
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Income tax
Replies (2)
here your cousin is doing business of trading rather than commission according to my opinion. unless otherwise your cousin enter into or enrolled as distributor with idea cellular it'll be construed as trading only and trade turnover subject to audit based on the value of turnover otherwise commission receipts have to be taken for turnover.
tax audit is concern with gross sales
if sales is 1.5 cr no tax audit applicabe
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