A registered composite scheme dealer income details mentioned below
1.sales of medicines for pharmacy store rs:80 lacs yearly
2.health care services income rs:30 lacs sec 194jb
3.rental income from shops rs:3,60,000/-
4.agrilculture income rs:2 lacs.
question:
dealer above mentioned all incomes showing or sales of medicines turnover only show in composite returns.
As a registered composite scheme dealer, the dealer is eligible to pay tax at a fixed rate on the turnover of goods only, and not on any other income. Therefore, only the turnover of sales of medicines for the pharmacy store should be shown in the composite returns.
The other incomes mentioned such as healthcare services income, rental income from shops, and agriculture income should not be included in the composite returns, as they are not eligible for the composite scheme.
However, the dealer is required to pay tax separately on the other incomes as per the applicable tax rates and comply with the relevant provisions of the Income Tax Act.
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