Turnover in income tax return
This query is : Open
08 August 2018
SIR
ANY BUSINESS ASSESE WHO SALE GOODS
NET PRICE + GST = TOTAL SALE PRICE
100000+5000 =105000
SO WHAT IS TURNOVER HE SHUOLD DECLERE IN INCOME TAX RETURN ?
100000 OR 105000
I MEAN INCLUDING TAX OR EXCLUDING GST TAX ?
BECAUSE ACORDING GST ACT TURNOVER IS EXCLUDING GST TAX
WHAT WILL BE IN ACORDING INCOME TAX ACT ?
ANY BUSINESS ASSESE WHO SALE GOODS
NET PRICE + GST = TOTAL SALE PRICE
100000+5000 =105000
SO WHAT IS TURNOVER HE SHUOLD DECLERE IN INCOME TAX RETURN ?
100000 OR 105000
I MEAN INCLUDING TAX OR EXCLUDING GST TAX ?
BECAUSE ACORDING GST ACT TURNOVER IS EXCLUDING GST TAX
WHAT WILL BE IN ACORDING INCOME TAX ACT ?
CA Chandan Sharma
(Expert)
18 August 2018
Turnover would be excluding GST, if your business is GST registered and paying GST separately.
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