RELATED TO TURNOVER SHOW IN GST

This query is : Resolved

Rahul Katole (Querist)
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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.....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 December 2020 Show 45 lacs turnover in income tax. Exempted turnover may be there in grocery business.

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Rahul Katole

Rahul Katole (Querist)
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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......?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

Rahul Katole

Rahul Katole (Querist)
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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......

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 December 2020 You are welcome.............

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