Urgent pls: does t/o include incentive & free supply goods?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2011
Dear Experts
"Does Turnover include the INCENTIVE/ UPFRONT SCHEME GOODS?????
Please reply with reference to Sec. 44AD (Presumptive Taxation).
Please calculate the Tax liability w.r.t given below example presuming assessee wish to opt Sec. 44AD
1. Sales Rs. 15.10 Lacs
2. Incentives & upfront Goods recd. Rs.
1.40 Lacs (Not included in above Sales)
So basically the question is "whether 8% will be calculate on Rs. 15.10 Lacs or on Rs. 16.50 Lacs i.e 15.10 + 1.40 Lacs"???
If it is to be calculate only on Rs. 15.10 Lacs, then what will be the treatment of Rs. 1.40 Lacs????? Can we claim expenditure from that Income????
Pls reply soon
Thanking you
"Does Turnover include the INCENTIVE/ UPFRONT SCHEME GOODS?????
Please reply with reference to Sec. 44AD (Presumptive Taxation).
Please calculate the Tax liability w.r.t given below example presuming assessee wish to opt Sec. 44AD
1. Sales Rs. 15.10 Lacs
2. Incentives & upfront Goods recd. Rs.
1.40 Lacs (Not included in above Sales)
So basically the question is "whether 8% will be calculate on Rs. 15.10 Lacs or on Rs. 16.50 Lacs i.e 15.10 + 1.40 Lacs"???
If it is to be calculate only on Rs. 15.10 Lacs, then what will be the treatment of Rs. 1.40 Lacs????? Can we claim expenditure from that Income????
Pls reply soon
Thanking you
21 September 2011
Yes turnover will include all incentive scheme.
The tax liability will be on profit of Rs. 1,32,000/- ( Tax:- Rs. 40,788/- )
The tax liability will be on profit of Rs. 1,32,000/- ( Tax:- Rs. 40,788/- )
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2011
Thanks for the reply
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
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Agriculture income or business income
- Loan by Partnership Firm
- Suggestions required for income tax filing-software (FY 2025-26)
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
