CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Meaing of term ' TotalTurnover ' u/s 44AD

This query is : Resolved 

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.




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.

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.

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


You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :





Trending Tags
Info Technology
gst council meeting
Others
taxpayers
audit
cbdt
Union Budget
icsi
icai
shares stock
traces
exams
Service Tax
companies act 2013
corporate law
newgstreturn
tin nsdl
income tax
unified portal
Professional Resource
students
ca
ca students
rbi
close
GST Live Class