Tax audit
This query is : Resolved
01 September 2014
One of my friend has a business of sale and purchase of Stamps and notary also. He has a turnover of 3 crore's, his commission on sale is 1 to 2 percent. My question to you is, is he liable to tax audit...? from last 3 years he has a turnover exceeding 1 crore and he had not went for any tax audit, is their any risk of scrutiny...?
01 September 2014
tax audit is mandzatory in this case..............
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01 September 2014
He doesn't want any Tax Audit, is their any other solution to that...?
01 September 2014
the ans is no as its compulsory by law u/s 44AB.
03 September 2014
Dear Tushar,
my friend told me that he gets 100 Rs stamp at 98 RS from the government 2 Rs is the commission amount.All the payment made to the goverment are in cash and he sells the stamp in cash only.Govt has not deducted any TDS. Was govt liable to deduct TDS on commission..?
my friend told me that he gets 100 Rs stamp at 98 RS from the government 2 Rs is the commission amount.All the payment made to the goverment are in cash and he sells the stamp in cash only.Govt has not deducted any TDS. Was govt liable to deduct TDS on commission..?
03 September 2014
govt not liable to deduct tds in this case as its case of pruchase n sell
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