Situation:
Consignor from Ahmedabad ships good worth Rs. 1 Lac to his agent in Mumbai against Form-F. The agent sells the goods locally in Mumbai for Rs.1.5 Lacs, deducts 10% of his commission (Rs.15,000) and remits balance Rs. 1.35 Lacs to the consignor.
Question:
What is the amount for which the agent in Mumbai will be issued Form-F, Rs.1 Lac, Rs.1.5 Lacs or Rs. 1.35 Lacs?
F form will be issued on Rs. 1 Lac only.
F forms always issue on the basis of goods transerred value not on sales value. So, 'F' Form will be issued for Rs. 1 lac.
For 1 lacs only
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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