Turnover u/s 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 February 2013
As per rule, service tax or VAT etc. included in the bills is to be taken as Turnover. VAT or service tax collected vide bills are to be refunded to the Govt. fully. Then, why 8% income is to be shown u/s 44AD on the VAT or Service tax amount ?
CA PARAS BAFNA
(Expert)
09 February 2013
The way - to maintain the books of accounts and if required, get them audited, has been kept open under the law, the assessee has an option to choose either way.
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