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Turnover U/S 44AB


Rajvir Pahwa   01 November 2020

Rajvir Pahwa

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A company having turnover of 95 lacs (without gst) and turnover of 1.5 crores (with gst) whether company liable for tax audit u/s 44AB.

avater

Sanjiv Rajpoot   01 November 2020

Sanjiv Rajpoot

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 If GST recovered from customer is credited to Current Liability Accounts and payments to the authority are also debited to the said separate account, making it not actually received as turnover.

> Inclusion of GST in the turnover would inf late the tax effect on the assessee, i.e., presumptive income shall also be computed on the component of GST which is never treated as income of the assessee.

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