I have a proprietory concern which runs wine trading under 2 licences as per AP Government rules. Both the shops are covered under Tax audit for the current year. Now my question is how to reflect the turnover in ITR. Is the total turnover (Both the shops putting togerther) to be reflected? If the case is so, the return on line do not match with the turnovers of the independent shops once they are covered in to assessement under Sec 143. Can any one through some light onver this.
Turnover reflection in ITR
CHANDRASEKHAR Akula
Clarification on Reporting Combined Turnover for Proprietary Wine Shops in ITR; Ensure Reconciliation for Section 143 Compliance. An individual running a proprietary wine trading business under two licenses inquires about reporting turnover in the Income Tax Return (ITR). The concern is whether to reflect the combined turnover of both shops, as discrepancies arise when assessed under Section 143. A respondent advises that the ITR must aggregate turnover from all income sources, and differences should be reconciled with an auditor. If the return is selected for scrutiny, detailed turnover explanations should be provided. (AI Summary)