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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.
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