A person is engaged in providing the service of "REPAIRING OF SUGARCANE CRUSHERS". Since there is no specific Business Code for this category then under which Business Code should he falls under 44AD?
Is "21008- OTHER SERVICES n.e.c." is appropriate in his case or not?
Yes, you can apply the code..
Sir, also one more thing regarding the same person mentioned above.
He is rendering the services of REPAIRING OF SUGARCANE CRUSHERS. All his transactions are initiated from his bank account.
Now, during the financial year 21-22, his credits in his bank account are ₹ 30.10 lakhs and his debits are ₹30 lakhs (90% of these debits are ATM cash withdrawals). Also, none of his single entry exceeds ₹50k at a time.
Most of the transactions in his bank account constitutes receipts and payments on behalf of other persons. These people pay him through UPI & he repays them back in cash (which is not related to his business at all). Therefore, his actual turnover during the year is around ₹18 lakhs only out of ₹30.10 lakhs.
Now, please advise whether he is required to get himself registered under GST & if yes, then within what time frame?
Also, from this year onwards, he is not accepting these types of UPI payments from other persons in his bank account which are not related to his business and as expected, his turnover for this year also remains under ₹20 lakhs. So you can say that this crossing of ₹20 lakh limit is only a one time thing & not occurs in future.
Please advise....
Sir also advise whether to show his turnover during the financial year 21-22 as ₹30.10 lakhs( i.e. the credit side total of his bank statement during the year) or his actual turnover which is ₹18 lakhs only ( out of ₹30.10 lakhs)?
Well it is difficult to save him from both side, still i would suggest to go with 18 lakhs, and prepare ground to safeguard his other transactions. Such things cannot be discussed on open platform.
Ok sir I'll do the same
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