Moiz W (CA - Audit & Assurance) (66 Points)
06 March 2009Situation:
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?
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14487 Points)
Replied 06 March 2009
F form will be issued on Rs. 1 Lac only.
Anoop
(Service)
(345 Points)
Replied 06 March 2009
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.
CA Mohit Agarwal
(Chartered Accountant)
(1025 Points)
Replied 07 March 2009
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