Meaning of turnover as per sec 44ad

Page no : 2

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 27 June 2018

Originally posted by : nitish
	for the purpose of gst we are maintaining account without making account how we can file gst return

It's mean before GST who is opt u/s 44AD they all are not under any IDT....?

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nitish (Self employed ) (102 Points)
Replied 27 June 2018

before gst who r required to maintain book as per vat they do so

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 27 June 2018

The same way who hve VAT TIN and he will be file u/s 44ad then He show the turn over with tax (VAT) values...

nitish (Self employed ) (102 Points)
Replied 27 June 2018

my question is what is law not what we r doing
ever person is his opinion and my question is what law about it you say gst including turnover my question is this correct method or not if correct then some where in law mentioned the same by rule by notification or circulation

Sunil (Trader) (2611 Points)
Replied 10 December 2018

It is a matter of litigation. For the same product URD has advantage of turnover without tax and registered dealer has to add tax for presumptive taxation.

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Sundararajan S (Final Student of ICAI) (1764 Points)
Replied 10 December 2018

Simply because of opting for presumptive taxation it doesn't mean that the particular assessee cannot produce the bifurcation between taxable value and tax collected. It just means that the assessee doesn't maintain complete set of books of accounts as done by others who are required to get their books audited or that he has opted 44AD. And the production of such bifurcation will not violate 44AD. There are number of CA offices where books are prepared and return filed under 44AD. 44AD is an option. That's it. Eventhough you maintain complete set of books of accounts, you are eligible to opt 44AD. There is no restriction on opting 44AD when books are maintained. Please find attached the bare section. It never says if you maintain books or produce bifurcation you will be denied opting 44AD.

Attached File : 1552867 20181210201421 44ad bare.pdf downloaded: 198 times

Ankit Neema (2742 Points)
Replied 31 October 2020

If GST recovered from customer is credited to Current Liability Accounts (Output CGST or Output IGST or Output SGST) and payments to the authority are also debited to the said separate account, these should not form part of turnover shown in profit and loss account, so the turnover has to be seen exclusive of taxes.