Tax audit applicability
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 August 2012
One of My Client is having sub dealership of Two wheeler Vehicle,You can also treat that sub dealer as commision agent because he is getting only certain fixed commision amount. & he is not authorise to issue invoice to the Customer instead he is giving receipt of cash received if there is any sale.Sub Dealer is purchasing vehicles from main Dealer On credit or cash & he is getting commision from main dealer if sale is made the point is that the total turnover of purchases & Sale on Bank Statment is Excedded Rs. 1 Cr whether tax audit provisions are applicable or Not?
21 August 2012
Circular : No. 452 [F. No. 201/3/85-IT(A-II)], dated 17-3-1986.
The turnover does not include the sales effected on behalf of the principals and only the gross commission has to be considered for the purpose of section 44AB.
The turnover does not include the sales effected on behalf of the principals and only the gross commission has to be considered for the purpose of section 44AB.
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 August 2012
But on the Basis of Turnover in CC Statment of SBI Bank is of the opinon that u are in the ambit of tax audit u have to do the tax audit
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