WHETHER STAMP VENDORS ARE LIABLE TO TAX AUDIT FOR THE SALE OF STAMP PAPERS TO THE CUSTOMER ? ONE VIEW IS THAT THEY ARE BUYING STAMP PAPERS FROM THE GOVERNMENT AT DISCOUTED PRICE AND SELLING IT TO THE CUSTOMERS AT NORMAL PRICE OF THE STAMP PAPER. THEY ARE NOT GETTING COMMSION BUT DISCOUNT FROM THE GOVT. HENCE THE TRANSACTION IS PURCHASE & SALES OF STAMP PAPER.
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WHETHER STAMP VENDOR LIABLE TO TAX AUDIT ?
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As per sec.44 AB of Incometax Act, if the Grosse receipts or Turnover or sales exceed the specified limit the Accounts of the person are liable to be audited. From the Asstt. year 2011-12 if the GR /T/S excceds Rs.60 L ( Rs.15 L for Professionals) they attarct Tax Audit under IT Act.
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