I have a question regarding turnover A firm has turnover less than 1:50 Crore in 18-19 and we choose an option to select Quarterly return for 19-20 But it touched the limit of 1.50 Crore in said year I choose monthly filling option I confuse Was I choose the option to select Monthly return any statutarory obligation on us or no t please tell me
No.... as in previous year your turnover was below 1.5 Crore , so you choose Qtly filing in 2019-20 & during the period even though your turnover exceed 1.5 crore , you have not contravened the act . Yes for Fy 2020-21 you have opt for Monthly filing .
Note : Choosing or opting for monthly or Qtly filing can be done only at the beginning of FY & on the basis of previous Fy turnover
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