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
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Maintenance of books accounts in case of online product selling
Replies (4)
Quick Summary
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👍
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