Meaing of term ' TotalTurnover ' u/s 44AD
This query is : Resolved
06 April 2020
Is that Term ' Total Turnover' defined in IT ACT .to estimate presumptive business income u/s 44AD.? Is there any circular OR clarification on that?
Pls clarify on that.
Pls clarify on that.
08 April 2020
u/s 44AD then GST shall be added in Turnover. But if If You will go for regular scheme u/s 44AA then GST shall not be added to Turnover. In your case, GST will not be added.
08 April 2020
To further carry on this discussion point, if it is case of composition dealer under GST, then it seems convincing that there is no separate charge in invoices and total turnover is same as per book balance.. But if it is not a case of ' Composition Dealer ' and GST is charged explicitly in invoices and is booked under different account as per requirement of GST, then what will be the situation to find 'Total Turnover ' under sec 44AD of IT Act. Pls enlighten in that case.
11 April 2020
The term "eligible business" inter alia means- whose total turnover or gross receipts in the previous year does not exceed an amount of two crore rupees. This means that the assessee who follows cash system has to reckon "Gross receipts" i.e. Value + tax. The same should be applied to the person following mercantile system to define turnover
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