If someone is showing income on commission basis ( online product selling )
But amt credited in bank including sale price
and Then payment made to supplier in cash after withdrwal
Then how to do accounting in this case
Should I maintain Books of accounts
Can I file ITR under section 44AD as presumptive income ?
Please suggest
Menu
Maintenance of books accounts in case of online product selling
Replies (4)
Commission agents can not file Income Tax Return under section 44AD.
How should I maintain BOA
Adopt consignment accounting system. It is an inward consignment to the Consignee. An inward consignment is the receipt of goods by the Consignee from the Consignor for the purpose of sale on commission basis. Consignee is not the owner of the goods.The relationship between consignor and consignee is that of the principal and the agent. So entire profit or loss belongs to the consignor and consignee receives the commission as his remuneration.
https://www.yourarticlelibrary.com/accounting/consignment-accounts/journal-entries-in-the-books-of-consignee-with-illustrations/50552
https://www.yourarticlelibrary.com/accounting/consignment-accounts/journal-entries-in-the-books-of-consignee-with-illustrations/50552
Thank you👍
Recent Threads
- RCM doubt please clarify
- Should open NRO account?
- Which IT section applicable for cash transaction i
- ITR -property dealer
- Warehouse Registration, Whether mandatory?
- Time limit for claiming Input GST credit
- Gst rate and Sac code or RCM attract
- Poll: Do you spend > 30 min/day fixing Tally JSO
- Interest on Accident Claim by Minor
- Capital Gain and Basic Exemption Limit
Related Threads
CAclubindia
