A registered composite scheme dealer income details mentioned below
1.sales of medicines turnover rs:80 lacs
2.health service income rs:30 lacs
3.rental income from shops rs:3,60,000/-
4.agrilcultural income rs:2 lacs
question:
dealer above mentioned all incomes showing in composite returns or sales of medicines turnover only show in composite returns.
First of all in term of Section 10(1) proviso therein , the composition dealer cannot supply services 10% of turnover or 5lac whichever is higher.
So as your Turnover is 80lac so you cannot supply services more then 8 lac .
Thus you need to opt out of composition scheme immediately & need to opt for Regular scheme.
Consequence: As per Rule 6(4) Notice can be issue in CMP-05 & further proceeding an be initiated under Section 73 or 74.
CAclubindia
