MALLIKARJUN (CA Final Student) (73 Points)
28 September 2008Actually client is running commission business (not trading). The firm has no purchases. It has sales ,but it "sells the goods on behalf of the farmers" and they collect commission on the sales value of farmers (agri produces).
what is the turnover here (commission OR sales with out purchases)?
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 28 September 2008
commission will be taken as turnover for audit u/s 44AB
CA phanikumar chebolu
(B.com CMA (CS professional))
(556 Points)
Replied 29 September 2008
Commission...
amit jain
(Chartered Accountant)
(532 Points)
Replied 05 November 2008
commission will be treated as turnover
CAclubindia
