can any one tell me how to know who is retail trader or wholesale trader
for computing PTS u/s 44AF. Also explain if that trader is dealing in
costly goods(say Tyre which cost 10000 per piece)
Audi murty
(Manger)
(35 Points)
Replied 07 March 2009
While section 44AF does not define ‘retail trade’ and ‘total turnover’, the Random House Dictionary defines the term ‘retail’ as "the sale of goods to the ultimate consumers, usually in small quantities". The term ‘total turnover’ means the aggregate amount for which sales are effected after deductions for goods that have been returned, discounts and the like
CA Sakshi
(CA Practice)
(309 Points)
Replied 07 March 2009
Wholesalers purchase goods from Manufacturers in lumpsum and then sale to retail outlets. Retail outlets sale to consumers. Mr. Murty reply is perfect.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India