WHILE FILING INCOME TAX RETURNS WE SHOULD DECLARE TURNOVER DECLARED IN GST RETURNS OR THE RECEIPTS CREDITED IN BANK ACCOUNT. WHICH ONE TO BE CONSIDERED AS TURNOVER IN THE FINANCIAL YEAR. MEANS SOME ONE IS FILED LIKE IN THE GST RETURNS SALES DECLARED RS. 1,12,32,112/- BUT THE RECEIPTS RECEIVED IN THE BANK ACCOUNT 78,39,33389/- WHILE FILING IT RETURNS HE JUST TOOK THE AMOUNT RECEIVED IN THE BANK FILED U/S 44 AD PRESUMPTIVE TAXATION PROFIT @ 6%. IS THAT CORRECT WAY TO SHOW TURN OVER IN IT RETURNS.
I SAID WE SHOULD CONSIDER TURNOVER DECLARED IN THE GST RETURNS ONLY THE PAYMENT RECEIVED IN ELECTRONIC CLEARING MODE WITHIN DUE DATE WE SHOULD FILE U/S PRESUMPTIVE TAXATION .
23 July 2023
We should consider turnover declared in the GST return. Declare 6% profit on bank receipts and for the balance declare 8% profit under section 44AD.
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