Gst taxpayer can show other income in itr
This query is : Resolved
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VIKAS KUMAR SHARMA
(Querist)
01 January 2021
sir,
if a person(individual) registered under gst but billing very less in previous year and now wish to show OTHER SOURCE INCOME head (other Misc. income, not billed in gst)
Example:- PY GST Sale Rs 66500 net profit US 44AD Rs 6000
others Misc. income Rs 3,00,000 + 419 (saving interest)
ANY TECHNICAL ISSUES? PLEASE SUGGEST
regards
if a person(individual) registered under gst but billing very less in previous year and now wish to show OTHER SOURCE INCOME head (other Misc. income, not billed in gst)
Example:- PY GST Sale Rs 66500 net profit US 44AD Rs 6000
others Misc. income Rs 3,00,000 + 419 (saving interest)
ANY TECHNICAL ISSUES? PLEASE SUGGEST
regards
CA R SEETHARAMAN
(Expert)
01 January 2021
What is the nature of miscellaneous income. Any GST applicable on it.
VIKAS KUMAR SHARMA
(Querist)
01 January 2021
it is not genuine but entered to increase ITR value
VIKAS KUMAR SHARMA
(Querist)
01 January 2021
it is not genuine but entered to increase ITR value
CA R SEETHARAMAN
(Expert)
01 January 2021
You have to specify the nature of income in ITR
VIKAS KUMAR SHARMA
(Querist)
02 January 2021
sir,
if we specify nature of income it will fall under GST, because client is trading and repair electronic products.
we just want to show our more income, as per billing it is too low
regards
if we specify nature of income it will fall under GST, because client is trading and repair electronic products.
we just want to show our more income, as per billing it is too low
regards
CA R SEETHARAMAN
(Expert)
02 January 2021
Now IT and GST turnover/income compared so avoid such reporting.
VIKAS KUMAR SHARMA
(Querist)
02 January 2021
thank you very much Sir
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