Turnover for commission agents-applicability of tax audits

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RAJANEESH V R (Querist)
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22 July 2018 Sir, one of my friend is engaged in Ticket Booking for Air-Rail-Bus, Fund Transfer,Recharging etc for which he got commission under Section 194 H.because of fund transfer&ticket booking, his bank accounts shows a total credit of more than 1 crore and debits are almost near to that..ie, there is inflow and respective outflow...is tax audit is applicable to him ? what are the credits/criteria for his turnover for tax audit?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 July 2018 https://www.caclubindia.com/forum/meaning-of-gross-turnover-u-s-44ab-in-travel-agent-business-170637.asp

Ps:-- 'Issues on Tax Audit', a prized publication of ICAI can be referred to.

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RAJANEESH V R

RAJANEESH V R (Querist)
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22 July 2018 Thank you sir..while preparing financial statements, shall we take total receipts and total payments in P&L eventhough it exceeds 1 crore?

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RAJANEESH V R

RAJANEESH V R (Querist)
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22 July 2018 Thank you sir..while preparing financial statements, shall we take total receipts and total payments in P&L eventhough it exceeds 1 crore?