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sale turnover for works contractor, Income Tax

Issue Id: - 116731
Dated: 24-9-2020
By:- giri gattupalli
sale turnover for works contractor

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respected sir

for a R&B works 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 receipts for

incometax under sec 44AB is 89,28,571

whether i am right or wrong please discuss

thanking you

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Posts / Replies

Showing Replies 1 to 5 of 5 Records

1 Dated: 24-9-2020
By:- KASTURI SETHI

Is there any clause in the contract/agreement to the effect that gross receipt i.e. Rs.one crore will be inclusive of GST ?


2 Dated: 24-9-2020
By:- giri gattupalli

respected sir

as per the final payment issued to contractor , contractor received

value of work done =89,28,571

gst = 10,71,429

-------------

total = 1,00,00,000


3 Dated: 24-9-2020
By:- KASTURI SETHI

GST does not form part of ' turnover' under Section 44 AB of the Income Tax Act.


4 Dated: 24-9-2020
By:- giri gattupalli

thank you sethi ji


5 Dated: 25-9-2020
By:- Ganeshan Kalyani

I fully agree with the views of Sri Kasturi Sir. Revenue accounted in books net of GST. And, GST is accounted in current liability as it is a statutory liability and shall be paid.


1

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