In my clients form 26as, under the head Details of Turnover as per Gstr
Taxable turnover is showing Rs. 19 lacs.
Is he liable to consider this amount for Income Tax Calculation also?
What is accounting process in this case?
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Income Tax on Taxable Turnover
Replies (4)
Quick Summary
That's the taxable base taken from the GST returns.
For income tax the declared income (before expenses) cannot typically be lower than that. In fact, it will usually be higher.
E.g.: 19 lakh business / professional income (less related expenses) + other incomes like interest, dividend, capital gains etc.
Should consider that and take it as your actual sales in p&l
GST & IT both turnovers should match
Yes,he is liable to consider the same amount for income tax turnover calculation also less business expenses.
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