I am doing a sole proprietorship business. And also my business is registered with GST. As per GST Act actual net sales is Rs.78 Lakhs and my bank Credit total is Rs.1.38 Crore and bank debit total is Rs.1.36 Crore in current account. Now my doubt is how to treat extra amount in ITR filing? For my small idea if I'm doing another business (for example Money transfer) Shall i declare commission income Rs.60,000 (1% of 1.38Crore minus 78 Lakhs) in ITR. Please resolve my query. Thank you for advance.
8 Replies
Jaspal Singh
(Practising CA)
(449 Points)
Replied 02 June 2024
Bank credits should be carefully looked into..only income related shall be booked as sales..other should be filed as per its nature..like loans taken capital receipts or other nature as per the transaction
SELVA
(Tax Consultant)
(136 Points)
Replied 02 June 2024
In bank transaction Loan amount is Rs.1Lakh only. Remaining amount mostly comes under without GST sales (contravention provision of GST). So while filing ITR that remaining amount can i taking to commmision income Rs.60,000 (1% of extra amount Rs.6 Lakhs)?
Jaspal Singh
(Practising CA)
(449 Points)
Replied 02 June 2024
Commission income is generally credited in actual manner .it was 60000 credited you could claim it as commission..sincle it is 60 L receipt claiming 1% 60000 could be termed as income only not commission
SELVA
(Tax Consultant)
(136 Points)
Replied 02 June 2024
Ok sir Shall i declare this amount Rs.60,000 under heads of Income from Other sources in Other income?
Jaspal Singh
(Practising CA)
(449 Points)
Replied 02 June 2024
Remaining 60L has to be shown in appropriate head..60000 as per opinion has to be shown in business profit..but you have to properly segregate all transactions of bank credits first
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 02 June 2024
@ Mr Selva,
As per Your query the excess amount is also a income.
You registered under GST. So, The said income aslo GST applicable.
As per Your query the excess amount is also a income.
You registered under GST. So, The said income aslo GST applicable.
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
