Turnover

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2012 Dear expert,
Suppose there is a dealer whose total sales are in FY 2011-12 say Rs. 58 lacs and VAT charged thereon @5% say Rs. 290000/- which is separatly shown in tax invoices and duly deposited by challans in bank and grand total say Rs. 6090000/-.

Please advise me, what is turnover - Rs. 58 lacs or Rs. 6090000/-
and
Whether the assesee can opt 44AD from the perspective of turnover.
Thanks.

Ki$hor B

Ki$hor B (Expert)
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09 August 2012 If tax is separately accounted in the BOA then the same shall not be considered as turnover. Hence t/o is 58L & 44AD can be invoked.

Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2012 BOA means?

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CA Rahul Gupta

CA Rahul Gupta (Expert)
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10 August 2012 Dealer is not covered under section 44AB since his turnover from business is 58Lac except VAT paid Rs.290000/-
Yes, he can opt 44AD for the perspective turnover.

Ki$hor B

Ki$hor B (Expert)
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10 August 2012 BOA means Books of Accounts.