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Gross receipts under tax audit
gross receipts can be treated as sales or turnover for threshold limit of 1 crore under 44AD if such receipts are advances for residential building under construction. Do we treat such advances as income to pay income tax.
Replies (3)
Take percentage of work completed and estimate sales amount. Based on that you can file u/s. 44AD.
If construction is not yet started and project is under stage of getting approval from various authorities
In that case....... no turnover...... only advances from customers.
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