Turnover under Income Tax Act
This query is : Resolved
Quick Summary
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
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
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.
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
07 August 2021
Just google to download from ICAI portal
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Rental income gst and it purpose
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Gift Received from nonblood relative
- Management System (IMS)
- Experts need help
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
