Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160976 Points)
Replied 08 March 2017
It is one category (type) of business, which IT authority has enmarked code for. It specifies nature of business.
“General commission agent” means a person who, in the ordinary course of business, makes contract for the sale or purchase of goods for others for a remuneration (whether known as commissioner or otherwise) which is determined in the contract itself or determinable from the terms of the contract, in either case, only with reference to the quantity of goods or to the price therefor as stipulated in the contract.
Deep Garg
(Accountant)
(259 Points)
Replied 08 March 2017
Thanks Sir,
IS SALES COMMISSION AGENTS COME UNDER THIS CATEGORY?? IF THEY FALL IN ABOVE CATEGORY CAN THEY FILE ITR 4S.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160976 Points)
Replied 08 March 2017
There is little difference between (Sales) Commission agent who provide service and hence get only commission from the principal, who are not allowed to declare their income u/s. 44AD. While General Commission agents purchase goods and sell it to local dealers or retailers, which is sort of (wholesale) trading business, They can declare their income u/s. 44 AD, if other conditions (mainly Turnover) are fulfilled.
Deep Garg
(Accountant)
(259 Points)
Replied 08 March 2017
SIR IN TOTAL PRESUMPTIVE SCHEME IS WE REQUIRED TO MAINTAIN PROOFS OF TOTAL TURNOVER OR GROSS RECEIPTS
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160976 Points)
Replied 08 March 2017
The section 44AD has specified TURNOVER : which includes......
But does not include Receipts as.........
While in case of no books to be maintained: how to authenticate turnover without the base of receipts!!!
Deep Garg
(Accountant)
(259 Points)
Replied 09 March 2017
THNAKS SIR,
SIR AFTER AUTHNTICATION OF TOTAL TURNOVER. DO WE REQUIRED TO MAINTAIN OUR RECEIPS OR OTHER DOCUMENTS FROM WHICH WE AUTHENTICATE OUR TOTAL TURNOVER
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160976 Points)
Replied 09 March 2017
" AFTER AUTHNTICATION OF TOTAL TURNOVER. DO WE REQUIRED TO MAINTAIN OUR RECEIPS OR OTHER DOCUMENTS FROM WHICH WE AUTHENTICATE OUR TOTAL TURNOVER "
Query not very clear. Books are not asked for, Some records to authenticate TURNOVER ASSESSMENT!! May be VAT/ST/EXCISE file or Bank + Cash receipts
CAclubindia
