Sir, could you please clarify me one doubt. One of my clients made a turnover of 90,03,270 as per GST. but in bank account only 78,97,846.
Now my doubt is whether can i show 6% on 78,97,846. Because we can follow cash basis of accounting as per income tax act. Even if there is difference between GST turnover and income tax turnover I think income tax won't send us any notice because I am going everything as per law.
Is my view correct??
Please answer..
Menu
Turnover difference between GST and income tax
Replies (1)
Yes, You can show 6% on 7897846 as there is difference regarding provisions of calculation of turnover as per GST act and as per IT act. For example in GST act sale of Fixed asset comes under the whole sale amount of assets but In IT Act, on sale of fixed assets only profit or loss on sales recognises
Recent Topics :
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
- Demand from TRACES
- FY 2025-26 ITC CLAIM DUE DATE
- 96084000 and 48202000 HSN code ka Tax Rate kya hai
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
Related Topics :
CAclubindia
