Hello,
A proprietor is having business of garments. He is also partner in 3 firms. He is receiving Interest and remuneration from such firms.
Does such interest and remuneration forms part of Turnover along with turnover of business of garments?
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Does remuneration/Interest forms part of Turnover in hands of Partner
Replies (6)
I did paste some material regarding turnover formula where revenue is a component in which interest income must also be a part of it. It’s public property on this forum and my previous blogs are blocked due to tech changes on caclub. Looks like they can’t manage the disk space. I am also bored to write here further more, if you can find it in my profile, all the best.
No, remuneration and int. received will not become part of T.O. but will be taxed under PGBP separatly
No, it can't be part of turnover but it will be taxed in the hands of partner under PGBP and taxed as per his slab rates.
No interest and remuneration cannot forms part of turnover along with turnover of busines
But remuneration is a business receipt. is it not covered in the term gross receipts from business?
under gst, interest may become part of turnover but remuneration definitely not.
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