I am registered under GST, My turnover is 30.00 lakh excluding tax, means 35.40 lakh including tax as per GST.
M filing IT return under 44AD. So, for 44AD how to calculate profits
whether take 8% on 30lakh or 35.40 lakh?
Nidhi (Chief Accountant) (3150 Points)
19 September 2020
prasad Nilugal
(3914 Points)
Replied 19 September 2020
CA PARTH SHAH
(In Practice)
(1951 Points)
Replied 20 September 2020
If you are booking sales and purchase in your books excluding the GST, then show turnover as Rs 30 lakhs. Oherwise 35.4 Lakhs.
Also sales whose payment is received by banking mode and digital mode, only Profit of only 6% is to be declared instead of 8 % under section 44AD.
Nidhi
(Chief Accountant)
(3150 Points)
Replied 22 September 2020
CA PARTH SHAH
(In Practice)
(1951 Points)
Replied 12 October 2020
The term technical services is not directly defined under section 44AA. But you can take a view that AC repair & Maintenance services can be considered as technical service so you can file ITR-4 u/s section 44ADA.
sabyasachi mukherjee
(27209 Points)
Replied 12 October 2020
TECHNICAL SERVICES CANNOT BE DEFINED BY INCOME TAX ACT.
ONLY THRESHOLD LIMITS ARE PUT IN PLACE.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
