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Stamp Vendor Turnover - Income TaxExtract 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 Financial 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 worth 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 Commission amount alone to prepare the Financial. Please clarify
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