One Reply to “What is net turnover for travel agent for income tax purpose(India)?”

  1. The net turnover for travel agent for income tax purpose would be the amount of the aggregate commssion received with regard to rendering the travel agency services minus the allowable business expenses which are incurred for rendering the service under section 37 of the Income Tax Act.
    Income tax is payable on the aggregate taxable income which will be computed on Salary income, Income from House Property, Capital Gains, Income from Other sources, other than the Income from Business or Profession as mentioned above. Eligible deductions are allowed. If the taxable income exceeds the taxable limit, then income tax has to be paid according to the rates specified thereto along with the Education Cess.

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