Cash received for foreign currency exchange is to be taken as turnover or not

anand dilip bagade (PROPRIETOR) (96 Points)

16 January 2019  

A Company is having Foreign Currency Exchange business and it received heavy cash during the year from customers for currency conversion. It is having Currency Exchange license of RBI. Whether cash received from customers will be considered as turnover of the company or else we need to take only commission as income in P&L Account. If cash received is treated as turnover then Tax Audit needs to be conducted and if commission is taken as income without showing any turnover then there will not be any tax audit.

Kindly advise.