Stamp Vendor Turnover

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..... Dear Sir / Madam, A stamp Vendor who has taken stamp paper licensed from Govt and selling the Stamp Paper to his customers. Question no 1: He Sells close to 6 Crore worth of stamp paper in a Financ .....

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..... ial year and generated a profit of ₹ 6 Lakh from it, meaning 1% is profit. In this case should he needs to do a Tax Audit for the respective Financial year? Question no 2: He deposited the wo .....

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..... rth of 5.3 crore cash deposit ( Collected the cash from Customer) to purchase the stamp paper. Shall we show this transaction as purchase and sales, meaning as a Trade or we can show this as Commissi .....

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..... on amount alone to prepare the Financial. Please clarify - Reply By ARVIND JAIN - The Reply = Option 1 seems to be safer as the cash deposit amount is high. - Stamp Vendor Turnover - Query Starte .....

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..... d By: - KUMAR Narasimhan Dated:- 5-10-2021 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagemen .....

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..... tindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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