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Income tax


m.prasad (B.Com)     25 October 2020

m.prasad
B.Com 
 2 likes  90 points

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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

avater

ayusmita (Tax consultant)     25 October 2020

ayusmita
Tax consultant 
 164 likes  2324 points

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Is his commission is 3cr then yes he needed to be audited

avater

m.prasad (B.Com)     25 October 2020

m.prasad
B.Com 
 2 likes  90 points

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Only 2^ on 3 croes

JATINDER KUMAR (Accountant)     25 October 2020

JATINDER KUMAR
Accountant 
 172 likes  2416 points

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If commission only 2% of 3 cr. i.e. Rs. 6 Lac

Why Bank account credited with Rs. 3 cr. ?

avater

m.prasad (B.Com)     25 October 2020

m.prasad
B.Com 
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Formers bring pluses to him firm sell to others trades, traders give cheque

JATINDER KUMAR (Accountant)     25 October 2020

JATINDER KUMAR
Accountant 
 172 likes  2416 points

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As per your query, your friend first purchase pluses from farmers then sold to traders and earned 2% margin

avater

m.prasad (B.Com)     25 October 2020

m.prasad
B.Com 
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Yes correct

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JATINDER KUMAR (Accountant)     25 October 2020

JATINDER KUMAR
Accountant 
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Audit is required

avater

Mohd Khalid   25 October 2020

Mohd Khalid

 15 likes  420 points

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Please clear that is your friend doing trading of pulses or just working like in mandi persons working as a broker (Aadti)?

avater

Amit Khare   26 October 2020

Amit Khare

 11 likes  200 points

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Audit is reqd


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