27 January 2015
The person engage in online Air Ticket Booking. Accepting deposit from customer for booking and book ticket for the same, for this he got around 2-3 % commission on Ticket value.My Queries are as under
1.The Gross receipts deposited in bank is more than 1 Cr because the customer deposited money for Ticket booking. is liable for Tax audit?.
2.His income is only commission
3. whatever amount deposited in bank the same amount use for ticket booking. If Any issues due to Gross receipt more than 1 cr. because bank showing the same in AIR details to income tax.
27 January 2015
IN THIS CASE, ONLY COMMISSION IS HIS INCOME. SO the limit of Rs.1.00 crore should be applied to his Commission income.The money he receives for Ticket booking is in the capacity of trustee only.
CAclubindia
