Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commission income in agency business should be determined with reference to the limited mark-up permitted under principal-agent arrangements, rather than by applying a net-profit rate to gross bank receipts. The material describes estimation at 5 per cent of gross bank receipts from recharge vouchers and goods. It also addresses penalty for non-maintenance of books where bank receipts represent agency transactions rather than the agent's turnover. As ownership of the goods remains with the principals, such receipts cannot be treated as turnover; absence of evidence of prior-year turnover further undermines the penalty basis.
Commission income in agency business should be determined with reference to the limited mark-up permitted under principal-agent arrangements, rather than by applying a net-profit rate to gross bank receipts. The material describes estimation at 5 per cent of gross bank receipts from recharge vouchers and goods. It also addresses penalty for non-maintenance of books where bank receipts represent agency transactions rather than the agent's turnover. As ownership of the goods remains with the principals, such receipts cannot be treated as turnover; absence of evidence of prior-year turnover further undermines the penalty basis.
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