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Total income for professional
Hi...I work as a independent consultant and get paid a fixed amount on a monthly basis. I add 18% GST to the invoice which in turn I pay to the Govt on a monthly basis. Will the GST amount be considered part of my income or is it just my monthly fixed amount?
Replies (5)
Quick Summary
It will be just your fixed monthly amount as further reduced by incidental expenses thereon
@ Mr Aditya.,
You get fixed amount & You add Tax to the amount....!
It's not understandable...
Are You give invoice with Tax...?
Is tax including FA or excluding FA...?
Are You asking incomes matter under income tax...?
You get fixed amount & You add Tax to the amount....!
It's not understandable...
Are You give invoice with Tax...?
Is tax including FA or excluding FA...?
Are You asking incomes matter under income tax...?
If you raise bill to your clients and you receive an amount exceeding Rs.50 lakhs during a financial year .
You are bound to be taxable.
As regards GST IF YOU
HV GST NUMBER YOU HV TO RAISE BILL.
THERE ARE OTHER COMPLIANCES.
You are bound to be taxable.
As regards GST IF YOU
HV GST NUMBER YOU HV TO RAISE BILL.
THERE ARE OTHER COMPLIANCES.
GST amount is not included in the turnover definition since it is not an income. You are collecting and paying it to the Government
You are collecting GST on behalf of the Government & then depositing it with the Government. Thus, GST is not an income.
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