Stamp Vendor Turnover

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..... Stamp Vendor Turnover
Query (Issue) Started By: - KUMAR Narasimhan Dated:- 5-10-2021 Last Reply Date:- 6-10-2021 Income Tax
Got 1 Reply
Income Tax
Dear Sir / Madam, A stamp Vendor who ha .....

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..... s 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 ͅ .....

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..... 7; 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 ( Collecte .....

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..... d 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 .....

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..... . Please clarify Reply By ARVIND JAIN: The Reply: Option 1 seems to be safer as the cash deposit amount is high.
Discussion Forum - Knowledge Sharing .....

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