30 August 2013
Dear Sir, A Sim Card and flexi recharge retailor who has sold flexi and sim cards of Rs. 30 lacs and thereon on telecome company paid him Rs. 1.5 lacs as commission. Suppose he sold flexi of Rs. 70000/- in a week and then he deoposited the same in his bank a/c and transferred the same amount in telecom company bank a/c.
While filing itr 4, his gross receipt would be consider as Rs. 30 lacs or only Rs. 1.5 lacs would be consider as his gross receipts.
30 August 2013
Gross Receipt will be Rs. 1,50,000/- only. Rs. 30 Lacs can not be treated as a turnover as it is not your income, you have just collected it on behalf of telecom company.
CAclubindia
