TaxTMI 
TaxTMI 
Stamp Vendor Turnover
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....tamp Vendor Turnover<br> Query (Issue) Started By: - KUMAR Narasimhan Dated:- 5-10-2021 Last Reply Date:- 6-10-2021 Income Tax<br>Got 1 Reply<br>Income Tax<br>Dear Sir / Madam, A stamp Vendor who has....
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.... 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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....; 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....
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.... 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.<br> Discussion Forum - Knowledge Sharing ....