TURNOVER RECEIPTS IN BANK OR TURNOVER DECLARED IN GST RETURNS
This query is : Resolved
23 July 2023
DEAR SIR,
WHILE FILING INCOME TAX RETURNS WE SHOULD DECLARE TURNOVER DECLARED IN GST RETURNS OR THE RECEIPTS CREDITED IN BANK ACCOUNT. WHICH ONE TO BE CONSIDERED AS TURNOVER IN THE FINANCIAL YEAR. MEANS SOME ONE IS FILED LIKE IN THE GST RETURNS SALES DECLARED RS. 1,12,32,112/- BUT THE RECEIPTS RECEIVED IN THE BANK ACCOUNT 78,39,33389/- WHILE FILING IT RETURNS HE JUST TOOK THE AMOUNT RECEIVED IN THE BANK FILED U/S 44 AD PRESUMPTIVE TAXATION PROFIT @ 6%. IS THAT CORRECT WAY TO SHOW TURN OVER IN IT RETURNS.
I SAID WE SHOULD CONSIDER TURNOVER DECLARED IN THE GST RETURNS ONLY THE PAYMENT RECEIVED IN ELECTRONIC CLEARING MODE WITHIN DUE DATE WE SHOULD FILE U/S PRESUMPTIVE TAXATION .
WHICH ONE IS CORRECT WAY DEAR SIR
CLARIFY ME
THANK YOU
WHILE FILING INCOME TAX RETURNS WE SHOULD DECLARE TURNOVER DECLARED IN GST RETURNS OR THE RECEIPTS CREDITED IN BANK ACCOUNT. WHICH ONE TO BE CONSIDERED AS TURNOVER IN THE FINANCIAL YEAR. MEANS SOME ONE IS FILED LIKE IN THE GST RETURNS SALES DECLARED RS. 1,12,32,112/- BUT THE RECEIPTS RECEIVED IN THE BANK ACCOUNT 78,39,33389/- WHILE FILING IT RETURNS HE JUST TOOK THE AMOUNT RECEIVED IN THE BANK FILED U/S 44 AD PRESUMPTIVE TAXATION PROFIT @ 6%. IS THAT CORRECT WAY TO SHOW TURN OVER IN IT RETURNS.
I SAID WE SHOULD CONSIDER TURNOVER DECLARED IN THE GST RETURNS ONLY THE PAYMENT RECEIVED IN ELECTRONIC CLEARING MODE WITHIN DUE DATE WE SHOULD FILE U/S PRESUMPTIVE TAXATION .
WHICH ONE IS CORRECT WAY DEAR SIR
CLARIFY ME
THANK YOU
23 July 2023
We should consider turnover declared in the GST return.
Declare 6% profit on bank receipts and for the balance declare 8% profit under section 44AD.
Declare 6% profit on bank receipts and for the balance declare 8% profit under section 44AD.
23 July 2023
Aggregate turnover will be as per GST declaration.
Bank receipts could be only part of electronic receipts.
Bank receipts could be only part of electronic receipts.
23 July 2023
THANK YOU FOR BOTH OF YOUR REPIES SIR,
HERE SOME PRACTIONERS DECLARED ONLY BANK RECEIPTS LEFT NOT CONSIDER GST TURNOVER IS THIS PRACTICE WILL GET ANY NOTICE FROM INCOME TAX DEPARTMENT
REGARDS
HERE SOME PRACTIONERS DECLARED ONLY BANK RECEIPTS LEFT NOT CONSIDER GST TURNOVER IS THIS PRACTICE WILL GET ANY NOTICE FROM INCOME TAX DEPARTMENT
REGARDS
23 July 2023
Yes, you will get income tax notice as income tax officials/software compare with GST turnover.
23 July 2023
THANK YOU FOR YOUR KIND REPLY SIR,
ACTUALLY ONE OF MY CLIENT DENIED MY ADVISE AND FILED IT RETURNS AS BANK RECEIPTS SO I HAVE CLARIFIED MYSELF WHETHER I HAVE SAID WRONG ADVISE.
THANK YOU SIR
ACTUALLY ONE OF MY CLIENT DENIED MY ADVISE AND FILED IT RETURNS AS BANK RECEIPTS SO I HAVE CLARIFIED MYSELF WHETHER I HAVE SAID WRONG ADVISE.
THANK YOU SIR
23 July 2023
HE FILED HIS IT RETURNS WITH SOME ONE OTHER PRACTIONER
THANK YOU SIR
THANK YOU SIR
23 July 2023
He will face problem.
23 July 2023
THANK YOU FOR YOUR ALL REPLIES SIR,
REGARDS
REGARDS
23 July 2023
You are welcome..
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