Comment on Taxation for Traders - Introduction
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.