RELATED TO TURNOVER SHOW IN GST
This query is : Resolved
Quick Summary
01 December 2020
R/sir,
As per New updation in Income Tax, T/O Showing in 26AS, this is acceptable. but i have a query related to this changes one of my client running his Grocery Business have O/D a/c doing transaction (B-C) deposited cash in OD a/c 45 lakh rs. during the f.y.19-20. and 26AS showing T/O on taxable amount which is 28 lakh rs.
1) Now, i've a confusion related to Turnover Showing on income tax which amount should i show as T/O in IT ?
2) He deposited cash 45 lakh in O/D a/c but amount was related to business but it is showing in SFT-004 CASH DEPOSITED (OTHER THAN CURRENT A/C). But this Amount completely business transaction.
sir please tell me about this query and thank you so much in Advance.......
for your valuable help.....
As per New updation in Income Tax, T/O Showing in 26AS, this is acceptable. but i have a query related to this changes one of my client running his Grocery Business have O/D a/c doing transaction (B-C) deposited cash in OD a/c 45 lakh rs. during the f.y.19-20. and 26AS showing T/O on taxable amount which is 28 lakh rs.
1) Now, i've a confusion related to Turnover Showing on income tax which amount should i show as T/O in IT ?
2) He deposited cash 45 lakh in O/D a/c but amount was related to business but it is showing in SFT-004 CASH DEPOSITED (OTHER THAN CURRENT A/C). But this Amount completely business transaction.
sir please tell me about this query and thank you so much in Advance.......
for your valuable help.....
01 December 2020
Show 45 lacs turnover in income tax. Exempted turnover may be there in grocery business.
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01 December 2020
thank you so much sir for your best Expertise,
But one more thing i want to ask you in this summary, as per 26AS T/O in GSTR-3B 28 Lakh Rs.
clearly showing as T/O.
So In other prop. Business cases this 26AS t/o should i take in Income tax or i can show more than it......?
But one more thing i want to ask you in this summary, as per 26AS T/O in GSTR-3B 28 Lakh Rs.
clearly showing as T/O.
So In other prop. Business cases this 26AS t/o should i take in Income tax or i can show more than it......?
02 December 2020
You can show more than this, no problem. Ensure you complied with GST rules and have reconciliation of GST turnover and IT turnover.
02 December 2020
Ok thank you so much sir.....
in short i can show more than this turnover which is mention in GSTR-3B of 26as.
One more time thanks a lot sir......
in short i can show more than this turnover which is mention in GSTR-3B of 26as.
One more time thanks a lot sir......
03 December 2020
You are welcome.............
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