https://www.taxtmi.com/circulars?id=4849 Applicability of the audit obligation under Section 44AB depends on whether an agent functions as an agent or as a principal; for agents like kachha arahtias only gross commission is counted as turnover, while for agents like pacca arahtias the total sales/turnover must be included. Characterisation requires examination of contract terms and functional indicators such as substitution of goods, liability to third parties, disclosure practices, dominion over goods, remuneration structure, personal interest in profits or losses, and indemnity arrangements. en-us Mon, 17 Mar 1986 00:00:00 +0530 Mon, 04 Aug 2008 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4849 Applicability of the audit obligation under Section 44AB depends on whether an agent functions as an agent or as a principal; for agents like kachha arahtias only gross commission is counted as turnover, while for agents like pacca arahtias the total sales/turnover must be included. Characterisation requires examination of contract terms and functional indicators such as substitution of goods, liability to third parties, disclosure practices, dominion over goods, remuneration structure, personal interest in profits or losses, and indemnity arrangements. Circulars Income Tax Mon, 17 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4849