TaxTMI 
TaxTMI 
TaxTMI 
sale turnover for works contractor
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....ale turnover for works contractor<br> Query (Issue) Started By: - giri gattupalli Dated:- 24-9-2020 Last Reply Date:- 25-9-2020 Income Tax<br>Got 5 Replies<br>Income Tax<br>respected sir for a R&B wo....
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....rks contractor total gross bill received for fy 2019-20 is 1,00,000,00 (one crore) gross receipts for fy 2019-20 = 1,00,00,000 gst included at 12% 10,71,429 ----------------------------- gross rec....
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....eipts for incometax under sec 44AB is 89,28,571 whether i am right or wrong please discuss thanking you Reply By KASTURI SETHI: The Reply: Is there any clause in the contract/agreement to the eff....
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....ect that gross receipt i.e. Rs.one crore will be inclusive of GST ? Reply By giri gattupalli: The Reply: respected sir as per the final payment issued to contractor , contractor received value o....
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....f work done =89,28,571 gst = 10,71,429 ------------- total = 1,00,00,000 Reply By KASTURI SETHI: The Reply: GST does not form part of ' turnover' under Section 44 AB of the Income Tax Ac....
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....t. Reply By giri gattupalli: The Reply: thank you sethi ji Reply By Ganeshan Kalyani: The Reply: I fully agree with the views of Sri Kasturi Sir. Revenue accounted in books net of GST. And, GST is....
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.... accounted in current liability as it is a statutory liability and shall be paid.<br> Discussion Forum - Knowledge Sharing ....