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.
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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.
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