Turnover under Income Tax Act

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CA Pawan Koradia (Querist)
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07 August 2021 Respected Experts,
Turnover without GST is 1.90 Cr, turnover with GST is 2.42 Cr.
Can I go for Sec 44AD in this case with satisfying all other requirements of the Sec 44AD?
Sec 145A of Income Tax requires to include all taxes to be included in purchase and sales, is there any CBDT circular about GST being excluded in turnover? Kindly share if available

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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07 August 2021 I think you may opt for 44AD because as per guidance note on tax audit u/s 44AB issued by ICAI, turnover is exclusive of tax.

CA Pawan Koradia

CA Pawan Koradia (Querist)
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07 August 2021 I tried to find that as logically it is cascading effect, if available may you pls share that guidance note at pawankoradia@gmail.com

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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07 August 2021 Just google to download from ICAI portal

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