A person availing composition scheme during a financial year crosses the turnover of Rs. 50 Lakhs during the course of the year i.e. say he crosses the turnover of Rs. 50 Lakhs in December? Will he be allowed to pay tax under composition scheme for the remainder of the year i.e. till 31st March? https://www.taxtmi.com/acts?id=24292 If a person who has opted for the composition scheme has aggregate turnover during the financial year that exceeds the prescribed threshold, the option to pay tax under the composition scheme lapses from the day on which the aggregate turnover exceeds that threshold and the taxpayer ceases to be eligible to remain under composition for the remainder of the financial year. en-us Mon, 03 Apr 2017 14:17:36 +0530 Mon, 03 Apr 2017 14:17:36 +0530 TaxTMI RSS Generator A person availing composition scheme during a financial year crosses the turnover of Rs. 50 Lakhs during the course of the year i.e. say he crosses the turnover of Rs. 50 Lakhs in December? Will he be allowed to pay tax under composition scheme for the remainder of the year i.e. till 31st March? https://www.taxtmi.com/acts?id=24292 If a person who has opted for the composition scheme has aggregate turnover during the financial year that exceeds the prescribed threshold, the option to pay tax under the composition scheme lapses from the day on which the aggregate turnover exceeds that threshold and the taxpayer ceases to be eligible to remain under composition for the remainder of the financial year. Act-Rules Bills Mon, 03 Apr 2017 14:17:36 +0530 https://www.taxtmi.com/acts?id=24292