Tax Audit
This query is : Resolved
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
In this case tax audit compulsory or not
tks & regards,
Rakesh Kumar
04 August 2009
Turnover limit for Tax Audit is Rs40/- Lakh so you are liable for Tax Audit
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.
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.
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.
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.
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