Matching income by gst and income tax dept.
This query is : Resolved
22 May 2018
Respected sir,
I want to know that if a taxpayer is showing turno ver and profit in gst returns and further he shows income and turnover different from that gst returns, will be that taxpayer in trouble or dept may will send any notice for these differences?
Thanks and regards
Sagar bajpai (CMA FINAL)
22 May 2018
IN SHORT , WHAT WILL BE THE CONSEQUENCES OF DIFRENCES BETWEEN GSTR AND ITR ( TURNOVER &INCOME)
23 May 2018
AO will issue a notice to explain the difference. If no proper explanation is given GST turnover will be taken for income tax calculations.
23 May 2018
Respected sir,
For example- If an assesse is showing turnover of ₹200000 in his gst returns and on the other hand he showing a turnover of ₹ 1800000 in income tax return and his bank. account also have the turnover of approx 1700000. will gst dept serve the notice or it deptt will serve notice? will gst dept raise any demand for such unreported turnover?
23 May 2018
Only GST dept will serve you a notice as higher turnover reported in income tax return.
23 May 2018
Thankyou for you kind information respected sir
best wishes
Sagar bajpai (CMA FINAL)
LUCKNOW
23 May 2018
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