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.
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.
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?
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.
Yes, he can opt 44AD for the perspective turnover.
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