Dear Experts
Please resolve my query
One person is commission agent who books lorries on behalf of other transporters and receive payment.
TDS deducted u/s 194C and reflected in his 26AS.
He makes payment from his account to the other party and keeps only the commission for the service rendered.
How he will be treated?
What amount is to be taken while preparing p&l , whether to take full receipt amount as gross receipts or directly take difference of freight received and paid i.e. commission amount?
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Commission agent of transport business
Replies (7)
Gross commission received only.
Have to consider the full amount as Revenue in the P&L, then the payment made to others is to be shown as Hiring Charges or under any other suitable head.
if the full amount received is Rs.2.5. cr, if credited to p&l shall I go to tax audit or only commission shown at p&l credit side?
Give me correct tax planning?
thanks in advance
Give me correct tax planning?
thanks in advance
TDS is deducted on which amount? Rs.2.5 Crore?
on 2.5 cr tds deducted u/s 194C
Then you have to disclose the full amount as revenue in P&L and accordingly tax audit has to be done.
WHAT IS THE ANSWER TO THIS FINALLY?
AND ON WHAT BASIS ?
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