Tax Audit Compusalary
This query is : Resolved
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09 September 2022
Dear Sir,
Kindly Suggest FY 2019-20 Turnover is Rs.70 lacs We have filed ITR under section 44AD. FY 2020-21 Turnover is Rs.82 Lacs but profit is 5% We filed ITR after tax audit FY 2021-22 Turn over is Rs.74 Lacs profit is more then 8% Can we file under ITR section 44AD
Kindly Suggest FY 2019-20 Turnover is Rs.70 lacs We have filed ITR under section 44AD. FY 2020-21 Turnover is Rs.82 Lacs but profit is 5% We filed ITR after tax audit FY 2021-22 Turn over is Rs.74 Lacs profit is more then 8% Can we file under ITR section 44AD
09 September 2022
No. Once opted out from presumptive assessment u/s. 44AD(1), Sec. 44AD(4) gets triggered.
Hence, as per sec. 44AD(5) of IT act, you need to maintain books for next 5 years and file tax audit report u/s.44AB(e) along with ITR...
Hence, as per sec. 44AD(5) of IT act, you need to maintain books for next 5 years and file tax audit report u/s.44AB(e) along with ITR...
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15 September 2022
Thank you Very much Sir,
15 September 2022
You are welcome ....
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17 September 2022
Dear Sir,
We have received the Services from Registered Transporter. He is from Hyderabad (AP) place of supply AP to Gujarat. Invoice Value Rs.50000/- we have deposited RCM RS.2500/- Tax under IGST head. Now we have got the services from Unregistered Transporter he is belong to Ludhiana (Punjab) Place of Supply Punjab to Gujarat. Please suggest In unregistered GTA Case which RCM tax applicable IGST or CGST/SGST
We have received the Services from Registered Transporter. He is from Hyderabad (AP) place of supply AP to Gujarat. Invoice Value Rs.50000/- we have deposited RCM RS.2500/- Tax under IGST head. Now we have got the services from Unregistered Transporter he is belong to Ludhiana (Punjab) Place of Supply Punjab to Gujarat. Please suggest In unregistered GTA Case which RCM tax applicable IGST or CGST/SGST
17 September 2022
Generally, GTA are unregistered, as the service is under RCM, so not required to register mandatory. In the said case, you being service receipant, & registered under GST, are liable to pay GST under RCM. Supply being Punjab to Gujarat, IGST will be applicable.
17 September 2022
Thank you Very much Respected Sir,
18 September 2022
Your are welcome ...
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