respected sir ,
my clint is a regular gst dealers turnover amouts to rs sale 70,00,000 out put tax 3,50,000.
please discusse gross what are the gross receipts for a AY 2020-21 under sec 44AD,whether it is 70 lakss or total amount inclusive tax rs 73,50,000 please discuss
thanking you
Clarification on Section 44AD: Gross Receipts Include All Taxes, Totaling 73,50,000 for Assessment Year 2020-21. A query was raised regarding the calculation of gross receipts under Section 44AD for the assessment year 2020-21. The client, a regular GST dealer, reported a turnover of 70,00,000 with an output tax of 3,50,000. The discussion sought to clarify whether gross receipts should be considered as 70,00,000 or 73,50,000, inclusive of tax. The final response clarified that gross receipts include all taxes without any deductions, thus amounting to 73,50,000. (AI Summary)
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