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If your GST turnover for FY 2019-2020 is £678,000 but Form 26AS shows £1,200,000 credited under Section 194C, you should declare your actual net turnover as per your books of accounts in your Income Tax return. Form 26AS might show a higher figure because it doesn't account for purchase returns.

RONI

RONI (Querist)
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29 August 2020 SIR ,
I have GST Turnover of 678,000/- for the FY 2019-2020 of contracts.
But In Form 26 AS, Amount credited is 12,00,000/- u/s 194C

Which one to show as turnover in Income tax return .

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 August 2020 12,00,000 if it is correct.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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30 August 2020 You need to show the actual net turnover as per books of accounts as Form 26AS may show higher turnover as these are not accounted for purchase returns.

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