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Question ID : 40828

Income Tax Return of Stamp Seller

How to file income tax return of a stamp duty seller who's gross receipts from sale of Stamp is more then 1 cr and it's income is 1.5 percent of Stamp sale further he also deposited the cash in bank account of more then 10 lacs which is further transferred to govt account. Is Gross receipts required to be shown in itr as receipt or only 1.5 percent is income and will be declared in itr.

Posted by ANKUSH DUBEY on Sep 15, 2020


Answer ID : 80745

The stamp seller turnover is limited to the value of his commission part. The value of stamp paper doesnt get counted for the turnover calculation. https://taxtitans.com/tax_questions_and_answers/what-is-the-limit-of-turnover-for-stamp-vendor-us-44ab/

Posted by Ananthanarayanan on Sep 16, 2020
Answer ID : 80747

Generally, stamp vendor purchases stamp paper from Government Treasury at discounted prize ,as determined by Government ,and sells to end users at face value. The difference, thus, he earns is 'discount' and not commission. In view of that, for the threshold limit of tax audit 'sales figure' has to be considered.

Posted by B.CHACKRAPANI WARRIER on Sep 16, 2020