Menu
44ad turnover
what is the turnover for 44ad...should i include gst collected also in turover...or taxanle value only?pls reply thanks in advance..
Replies (6)
Quick Summary
Your turnover should be less than 2 Crores to Opt for section 44 AD .
Turnover doesn't include GST .
GST is liability to be paid . So it doesn't form part of turnover.
You can the sales appearing in Profit & Loss account may be considered as turnover.
As per double entry system
Debtors A/c ( Asset)
To Sales ( P&L)(Income)
To GST payable ( Liability)
Hope you understood
GST is liability to be paid . So it doesn't form part of turnover.
You can the sales appearing in Profit & Loss account may be considered as turnover.
As per double entry system
Debtors A/c ( Asset)
To Sales ( P&L)(Income)
To GST payable ( Liability)
Hope you understood
There is no specific definition of Turnover under the Income tax act 1961 under section 2 of the Income tax act however Sales and other Income considered as turnover excluding Taxes . So your sales and other income less than 2 crore you can opt for 44AD
Suppose income is 2 crore above means?? can I show 5%
GST is not inclusion in turnover declared under 44AD.
You can consider the sales appearing in Profit & Loss as turnover.
Recent Topics :
- REGARDING HSN CODE FOR WASHING JOB CHARGES
- Advance Tax Due Date 2026
- Query – Interest on Capital Received by Part
- Query - Section 164(2)(a) – Interpretation o
- Submission for Expert Opinion on Rectification of
- NRI since March 2023 – resident savings acco
- My All-Time Top 15 Indian Web Series
- Wrong date of invoice
- Paper 6 - IBS
- Chhath Puja 2026 Dates Timing Tithi
Related Topics :
CAclubindia
