Presumptive Scheme: 44AD

Veera Veera (253 Points)

02 June 2021

Turnover need to be considered Inclusive of GST Or Exclusive of GST for Presumptive ITR Returns

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8 Replies

Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 02 June 2021

Turover is always without GST.

Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 02 June 2021

Turover is always without GST.

Sivaramaraju G (Learner) (2398 Points)
Replied 02 June 2021

Excluding GST as it is not your revenue, its your liability to pay to government.

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 02 June 2021

Turnover should be calculated exclusive of GST

sabyasachi mukherjee (27574 Points)
Replied 03 June 2021

Turnover disclosure for the purpose of financial accounts needs IS DISCLOSED NET OF GST.
ITR RETURNS ARE ALWAYS FILED AS PER ANNUAL ACCOUNTS.

Veera Veera (253 Points)
Replied 03 June 2021

But, as per 26AS there will be mismatch between Turnover & NET GST right, any problem

anil jain (Partner) (1072 Points)
Replied 03 June 2021

In my opinion,

if you are composition dealer,

you must include tax in Turnover.

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 03 June 2021

Yes there might be made mismatch but there should not be any problem as calculation principles of turnover is different for GST and Income Tax

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