Shree Sawai Manoharlal Rathi ., In re
Date: April 19, 2020
Subject Matter
Interest earned by way of extending deposits in PPF & Bank Saving accounts & loans and advances given to family/friends is includable in aggregate turnover
Summary
p:eq(11)"> Different kinds of supplies covered under the term " aggregate turnover" , such as : (i) Taxable Supplies; (ii) Supplies that have a NIL rate of tax; (iii) Supplies that are wholly exempted from SGST, UTGST, IGST or Cess; and (iv…
The applicant has submitted that he is an individual having not engaged in any business. His receipts are only from savings, personal loans and advances and deposits, which are reflected in the Income Tax Returns. 2. The applicant has further submitted that his estimated receipts for the F.Y. 2018-19 is likely to be totally Rs.20,12,000/-, which includes,(i) Rent receipts: 9,84,000/-, (ii) Bank in…