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Income tax
sir, my friend is running partnership firm in commission agent , pluses business, in current account credits Rs.3 croes they cash withdraw from 3 croes , bank deducted TDS u/a 194N @ 2%, he should be audited or only declared Commission
Replies (9)
Is his commission is 3cr then yes he needed to be audited
Only 2^ on 3 croes
If commission only 2% of 3 cr. i.e. Rs. 6 Lac
Why Bank account credited with Rs. 3 cr. ?
Why Bank account credited with Rs. 3 cr. ?
Formers bring pluses to him firm sell to others trades, traders give cheque
As per your query, your friend first purchase pluses from farmers then sold to traders and earned 2% margin
Yes correct
Audit is required
Please clear that is your friend doing trading of pulses or just working like in mandi persons working as a broker (Aadti)?
Audit is reqd
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