In my clients form 26as, under the head Details of Turnover as per Gstr
Taxable turnover is showing Rs. 19 lacs.
Is he liable to consider this amount for Income Tax Calculation also?
What is accounting process in this case?
Menu
Income Tax on Taxable Turnover
Replies (4)
That's the taxable base taken from the GST returns.
For income tax the declared income (before expenses) cannot typically be lower than that. In fact, it will usually be higher.
E.g.: 19 lakh business / professional income (less related expenses) + other incomes like interest, dividend, capital gains etc.
Should consider that and take it as your actual sales in p&l
GST & IT both turnovers should match
Yes,he is liable to consider the same amount for income tax turnover calculation also less business expenses.
Recent Threads
- Waste Management services
- Seeking Clarity: New Transport Allowance Limits (D
- Query regarding Consolidated Gift Deed for Bank Tr
- TDS u/s194IB - Joint Ownership
- Free GST Reconciliation Tool in Google Sheets R
- NRI return after due date refund case
- TDS u/s 194J - training honorarium
- WHERE TO REGISTER UNDER PTRC AND PTEC ACTS ?
- Key Corporate Compliance Requirements for Private
- Gst Non Filling Return Notice
Related Threads
CAclubindia
