Tax Audit

This query is : Resolved

RAKESH (Querist)
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04 August 2009 We are consignment agent and commission recd. during the year is only Rs. 15000/- but total consignment turnover is rs. 69 lac.

In this case tax audit compulsory or not

tks & regards,

Rakesh Kumar

Ashok Madhavi

Ashok Madhavi (Expert)
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04 August 2009 Turnover limit for Tax Audit is Rs40/- Lakh so you are liable for Tax Audit

Randeep Singh

Randeep Singh (Expert)
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04 August 2009 But I think t/o of Rs 69 Lacs is of Principal & not of agent, so agent is not liable for Tax Audit.

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visu iyer

visu iyer (Expert)
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04 August 2009 In such a case..

All transacion in Security and commodity market will also be included for Tax audit..

Which includes, BITSOT, INTRADAY and DELIVERY.

It is not clear..!!

We need some more comments from the expert member please.

Abhishek Mohta

Abhishek Mohta (Expert)
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05 August 2009 In this case the turnover of Rs. 69 lacs will not be reflected in the agent's P&L. In its P&L only the commission will come. As commission is only Rs. 15000/- no Tax Audit will be conducted.