MY CLIENT HAVE PROVISION STORE IN F.Y 20-21 THEY SALES 4200000/- MILK PACKET ( AMUAL MILK PACKET) SALES
PLEASE TELL ME IF I SHOW 4200000/- IN ITR 4 @ 8% THEN OK OR IT REQUIRED AUDIT.
& THERE ARE LAIBILE FOR GST REGISTRATION OR NOT.
Menu
Milk Sales Income
Replies (4)
1.Milk is exempted goods
2.Please check whether he is having contract with Amul.
3. Tax will be on sales commission/service charges
4.If he purchase with GST, Then he can apply for GST Reg
5.No audit is required
Agreed with Mr. Jeeva
If is it on commission / service charges basis then cannot offer 8% of turnover. You will have to prepare P/L account. Form 26AS will come handy while deciding this.
Regards
CA. Raj Doshi
If is it on commission / service charges basis then cannot offer 8% of turnover. You will have to prepare P/L account. Form 26AS will come handy while deciding this.
Regards
CA. Raj Doshi
Not required for tax audi, go for presumptive taxation @ 8% of turnover
if you are a commission agent then you can not adopt 44AD but you have to go for normal business return that is ITR 3 by preparing PandL and BS. and audit is not required as turnover is below 1CR.
Recent Threads
- Hi i have some doubt about my microsoft exam?
- Period of holding of residential flat and its acqu
- ITRs for AY 2025-26 filed in September 2025 not pr
- Heard & Seen Around – Your Daily Economi
- Best NISM course for an Accountant
- Calculate IT on LTCG AND STCG for the FY 2025-26
- Heard and Seen Around - Your Daily Economic Quick
- Returning to India - Residency confusion
- About CMP-08
- RCM List on GST
Related Threads
CAclubindia
