MY CLIENT HAVE PROVISION STORE IN F.Y 20-21 THEY SALES 4200000/- MILK PACKET ( AMUAL MILK PACKET) SALES
PLEASE TELL ME IF I SHOW 4200000/- IN ITR 4 @ 8% THEN OK OR IT REQUIRED AUDIT.
& THERE ARE LAIBILE FOR GST REGISTRATION OR NOT.
4 Replies
S JEEVARETHINAM
(Sr Manager Finance and Taxation)
(144 Points)
Replied 17 August 2021
1.Milk is exempted goods
2.Please check whether he is having contract with Amul.
3. Tax will be on sales commission/service charges
4.If he purchase with GST, Then he can apply for GST Reg
5.No audit is required
CA Raj Doshi
(Practising CA)
(8939 Points)
Replied 18 August 2021
Agreed with Mr. Jeeva
If is it on commission / service charges basis then cannot offer 8% of turnover. You will have to prepare P/L account. Form 26AS will come handy while deciding this.
Regards
CA. Raj Doshi
If is it on commission / service charges basis then cannot offer 8% of turnover. You will have to prepare P/L account. Form 26AS will come handy while deciding this.
Regards
CA. Raj Doshi
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 18 August 2021
Not required for tax audi, go for presumptive taxation @ 8% of turnover
Sivaramaraju G
(Learner)
(2398 Points)
Replied 18 August 2021
if you are a commission agent then you can not adopt 44AD but you have to go for normal business return that is ITR 3 by preparing PandL and BS. and audit is not required as turnover is below 1CR.
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