Income Tax on Taxable Turnover
Deepak (Financial Analyst ) (27 Points)
14 February 2022Taxable 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?
Deepak (Financial Analyst ) (27 Points)
14 February 2022
JJJ
(Need help)
(675 Points)
Replied 14 February 2022
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.
CA. Abhilash Krishnan P
(Chartered Accountant)
(533 Points)
Replied 15 February 2022
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 15 February 2022
Susmita Dutta, CA , CPA
(CA )
(2141 Points)
Replied 15 February 2022
Yes,he is liable to consider the same amount for income tax turnover calculation also less business expenses.
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