TAXATION U/S 44AD Vs GST RETURN FILED

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This discussion clarifies which turnover figure to use for Income Tax Returns (ITR) when there's a discrepancy between Section 44AD presumptive taxation and GST turnover. It addresses whether personal savings account deposits, including cash, should be included in business receipts for ITR purposes. The advice suggests using the GST turnover for ITR and being prepared to explain any significant cash deposits.

RAMESHKUMAR

RAMESHKUMAR (Querist)
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01 August 2020 cash deposit all account 5021940
non cash deposit all account 885770
a.TOTAL BANK CREDITS INCLUDE SAVING ACCOUNT IS RS.5907,710

b.GST TURNOVER rs.3547335

query 1.which will taken for ITR as above u/s 44ad?
2. the above gross receipts included of Rs.12,79,000 saving account cash deposits(SFT-004)., so that is rs.12.79 lack is my person account is it taxable receipts or not ? please clarify sir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 August 2020 What is the source of income of your deposit in savings account and other accounts other than business receipt.

RAMESHKUMAR

RAMESHKUMAR (Querist)
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01 August 2020 1.source of income of my deposit in savings account is derived from personal in nature and some cash deposit within rs. 50000 to 200000 business in nature.

2.another account is Current account which represent business receipts and cash loan received from others(limit is upto 200000).

3. gst turnover(low) vs IT gross receipts(high) is differ , which revenue is to be shown in ITR ? and no reconciliation to be made in gst return as filed.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 August 2020 Cash loan limit is 20,000 only.

RAMESHKUMAR

RAMESHKUMAR (Querist)
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01 August 2020 kindly clarify the above doubts

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 August 2020 Show GST turnover in ITR. Have explanation for more cash deposit.

RAMESHKUMAR

RAMESHKUMAR (Querist)
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01 August 2020 THANKS FOR THIS ADVICE SIR,
ANOTHER DOUBT IS , HERE ITR RECEIPTS(59 LAK) IS HIGH THAN GST TURNOVER(37 LAKH),IS IT NO PROBLEM FOR FILING.?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 August 2020 When question raised reply suitabily.

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