what is the defination of total turnover as per sec 44ad whether it includes taxable value plus gst or only taxable value and total sale reduce by sale return or not?
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Meaning of turnover as per sec 44ad
Replies (21)
Only taxable value. It excludes GST. How come a tax collected and paid by you become your income. No way. You just pass on the burden of indirect tax. It's not your money. It's neither your income nor your expenditure.
U/s 44ad the Turn Over calculated including GST / VAT values...
Total value(inclusive of GST). bcz gst is payable additionally @ prescribe %
my question is why include gst, gst is not my income is there any circular or notification regarding this please let me know
| Originally posted by : nitish | ||
 |
my question is why include gst, gst is not my income is there any circular or notification regarding this please let me know |  |
Bcoz.,
You are declare u/s 44Ad as Presumptive
sorry for the earlier wrong suggestion
Gst will not include in total turnover
Gst will not include in total turnover
| Originally posted by : ROHIT KHUTETA | ||
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sorry for the earlier wrong suggestion Gst will not include in total turnover |
|
Dear.,
This is wrong...
1st one is correct...
as per icai guidance note gst will not be included in turnover .
| Originally posted by : nitish | ||
|
as per icai guidance note gst will not be included in turnover . | |
Can You give that...???
That note is applicable to Sec 44AB & 44AA only. not in 44AD...
but defination of turnover is not given in sec 44ad so that we we take defination form 44ab
| Originally posted by : nitish | ||
|
but defination of turnover is not given in sec 44ad so that we we take defination form 44ab | |
What is the exact meaning of PRESUMPTIVE....?
persumting mean we are assuming that ur profit is 8% or higher and no deduction is allowed to you of expenses, persumting not mean govt charge tax on that part which is not a part of our sale we just collect the gst form my client and paid to the govt. so why we pay tax 8% on gst which is not our sale
Without Books of Accounts how can You ASSUME Tax Value and Taxable Values...
for the purpose of gst we are maintaining account without making account how we can file gst return
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