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Transport Gross Receipt

Others 327 views 9 replies

PRAKASH RATHORE

Student Cum Accountant

227 Points Posted on 04 March 2019

Dear Experts,
i have an Transport Business in that business my Acttual Gross receipt is near about 25 Lack in my Current A/c, but i have received approx 22 Lacks PM From Another Transport For Only withdral & Payment to his Driver/Truck/other misc and as u know that thats a transport business in that business u received lots of big figure in A/c but thats not are all Income,
i Afraid that how do i manage all that
Pls Suggest what should i do ....

Replies (9)

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 04 March 2019

Just account the same at where you received and where to issued. Then it's tallied...

kajol

Executive

201 Points Posted on 04 March 2019

The presumptive taxation scheme of section 44AD is designed to give relief to small taxpayers engaged in any business (except the business of plying, hiring or leasing of goods carriages referred to in section 44AE).

The presumptive taxation scheme of section 44AD can be adopted by following persons :

1) Resident Individual

2) Resident Hindu Undivided Family

3) Resident Partnership Firm (not Limited Liability Partnership Firm)

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 04 March 2019

@ Kajol.,

I can't understand Your reply...
please explain... ☺

PRAKASH RATHORE

Student Cum Accountant

227 Points Posted on 04 March 2019

Sir,
Could u please eleborate this in brief ?
& in my veiw if the gross receipt is exceeded from 20l then need to registered in gst ?

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 04 March 2019

@ Prakash Rathore.,

1st of I understand Your 1st query from Income Tax view. But, Now You asked GST...

As per GST act You deal Only transport business then No need to register under GST. Bcoz, The said supply is exempted under GST (Goods transport on Road).

PRAKASH RATHORE

Student Cum Accountant

227 Points Posted on 04 March 2019

@ RAJA P M
Thanks Sir For u r Prompt Reply

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 05 March 2019

You are most welcome Mr Prakash

PRAKASH RATHORE

Student Cum Accountant

227 Points Posted on 05 March 2019

Means it , i do not need to registered under gst and nor worry about it ,
so can i accept payment below 2 Cr to Avoid Tax Audit & Gst Registration also

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 05 March 2019

Yes... You can without GST registration if dealing only Transporting on Road with any of the Turn Over "UNDER GST".

But, Income Tax provisions applicable as per Limit of the T/O and Your selected section...