Comment on Taxation for Traders - Introduction

Varughese K Eappen (@VKEappen) commented on 30 Jul 2014, 01:26 PM

In the P&L schedule using No accounts method I entered my Gross receipts as Gross sale of futures for FY13-14 which was 12.82 crores, I have Gross Purchase of 12.833 crores . I have net loss of 1.3 Lakhs. My turnover based on total of profit or loss per scrip method would only amount to approx Rs.5 to 6 Lakhs.

After entering My Gross receipts when I tried to save an error was generated stating I had to tick Audit required section due to my High turnover. I think that the tax utility was taking gross receipts as my turnover. I am beginning to think we have to enter the turnover for Gross receipts. Can you clarify as you previously mentioned that Gross Receipts meant Total Sales had to be entered.

View the full comment thread »